Flipping hamburgers easier than property in toughening Melbourne auction market
The man behind Melbourne's most famous burger joint couldn't sell his SOUTH MELBOURNE property.
Greg and Eleni Mitropoulos put in a $1.3 million vendor bid when their pretty four-bedroom Victorian cottage went to weekend auction.
It is not far from Andrew's Hamburgers in Albert Park, the Bridport Street diner which Greg Mitropoulos manages, which recently celebrated its 75th year trading.
The renovated home at 396 Dorcas Street had been listed through Marshall White agent Oliver Bruce who was anticipating $1.25 million-plus.
Property Observer gleans it cost $1.21 million in 2010 after its renovation. It has 148 square metres of living space on its 162 square metre block.
The Melbourne weekend auction market resumed on Saturday after last weekend’s break for the Melbourne Cup holiday long weekend.
But high auction numbers led to a sharp fall in the clearance rate, to 71.6% according to Australian Property Monitors (APM), the lowest reported by the Melbourne market since the first weekend of July.
Some 977 homes were listed for auction at the weekend in metro Melbourne which was unsurprisingly well above last weekend’s 132 and also just higher than the 961 auctioned over the same weekend last year, according to APM.
Melbourne’s four weekend average clearance rate now stands at 74.3% compared to 78.8% over the previous four-weekend period.
Melbourne’s south-east reported the highest regional clearance rate at the weekend with a strong 84% result, leading the outer east with 76.5%, the north-east 75.2%, the inner south 71.9%, the inner east 70.9% and the inner city with a clearance rate of 69.5%.
Melbourne’s inner south hosted the most number of auctions with 147 closely followed by the inner east with 143, the outer east with 140, the inner city 138, the west 133, the north-east 131, the north 80 and the south-east 43.
The most popular suburb for auction listings in metro Melbourne was again Mount Waverley in the outer east with 20 auctions scheduled. The next highest was Glen Waverley also in the outer east with 16, Reservoir in the north-east and St Kilda in the inner city each with 15 and South Yarra in the inner city, Mitcham in the outer east and GLEN IRIS in the inner east with 13 auctions scheduled on the weekend.
The REIV reported a clearance rate of 68 per cent this weekend compared to 67 per cent last weekend and 68 per cent this weekend last year.
There were 934 auctions reported to the REIV this weekend, with 632 selling and 302 being passed in, 146 of those on a vendor bid.