Melbourne's 81% auction success as Toorak townhouse by Nicholas Day roars out the door

Melbourne's 81% auction success as Toorak townhouse by Nicholas Day roars out the door
Jonathan ChancellorDecember 7, 2020

A strong clearance rate of 81 per cent was recorded across Melbourne this weekend compared to 68 per cent this weekend last year.

There were 889 auctions reported to the REIV today, with the REIV expecting about 1,080 auctions in 263 suburbs.

The top auction suburbs were Reservoir with 19 auctions followed by Richmond and Kew with 14 auctions.

Total sales at auction was $679 million with the clearance rate for houses sitting stronger than apartments - 84% at a $900,000 median against 73% with a unit median price of $610,000.

On the prior May 2 weekend there was a revised 79% success rate when there were 1060 auctions reported to the REIV.

Enzo Raimondo, the REIV chief, said auction sales continued to be the driving force of price growth in the million dollar suburbs.

The majority of million dollar properties (nearly two thirds) sold in these suburbs in the March 2015 quarter, have been sold at auction.

The million dollar suburbs with the highest proportion of auctions as a percentage of total sales were Kew East (81 per cent), Mont Albert (81 per cent), Camberwell (78 per cent), Carlton North (78 per cent), Surrey Hills (76 per cent) and Clifton Hill (75 per cent) – all upwards of 75 per cent. 

The Toorak home of Tony Suhan, the Australian importer and distributor of Advanti alloy wheels and Nexen tyres, sold before its scheduled auction price undisclosed.

It is a townhouse (photo above) designed by Nicholas Day with three bedrooms, a home cinema, living and dining spaces and a private north-facing garden. It has an internally accessed basement double garage. 

Marshall White agents Marcus Chiminello and Nicole French secured the pre-auction sake of the 7E Woorigoleen Road listing. There had been reported $2.7 million hopes. 

It cost $2.7 million in 2011 with the 1999-built townhouse first sold at $1.11 million. 

REIV TOP 5 HOUSES

1. 40 Anderson Road, Hawthorn East $4,820,000 with tennis court
2. 11 Flintoft Avenue, Toorak $4,350,000
3. 53-63 Bridge Street, Port Melbourne $3,690,000
4. 11 Peppin Street, Camberwell $3,510,000
5. 15 Bridge Street, Hampton $3,100,000

REIV TOP 5 BARGAIN HOUSES

1. 3 Crossley Crescent, Coolaroo $235,500 knockdown
2. 14 Elizabeth Avenue, Werribee $248,000
3. 54 Gillingham Crescent, Craigieburn $271,000
4. 19 Mudie Avenue, Sunbury $281,000
5. 2 Medinah Close, Sunbury $307,500

 

REIV TOP 5 APARTMENTS

1. 43A Thanet Street, Malvern $2,106,000
2. 61B Iona Street, Black Rock $2,000,000
3. 2/11 Tollington Avenue, Malvern East $1,855,000
4. 17 Princes Street, Port Melbourne $1,450,000
5. 5/86A Marine Parade, Elwood $1,420,000

REIV TOP 5 BARGAIN APARTMENTS

1. 4/119 Jetty Road, Rosebud $220,000 one bedder
2. 21/294 Nicholson Street, Seddon $240,000
3. 5/18 Currajong Street, Thomastown $244,000
4. 3/16 Lawn Crescent, Braybrook $272,500
5. 4/12 Barry Street, Reservoir $297,500

Source REIV

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Editor's Picks