Aspendale knockdown sells amid Melbourne's softening market

Aspendale knockdown sells amid Melbourne's softening market
Aspendale knockdown sells amid Melbourne's softening market

Dandenong had Melbourne's cheapest sale when a two bedroom apartment at 7/40-42 Hemmings Street (above) fetched $168,000 through Barry Plant in a pre-auction deal.

It leases at $260 a week.

It previously sold at $56,000 in 1997 and $113,000 in 2003.

The Brexit decision had zero impact with Saturday auction clearance rates continuing steady or improved conditions across the major auction cities.

Melbourne's top sale was $3,065,000 when an original three-bedroom house on the Aspendale beachfront sold after its weekend auction.

The redevelopment block of 570 square metres at 34 Bowman Street (below) had been passed in at $2,945,000 by the RT Edgar auctioneer.

Aspendale knockdown sells amid Melbourne's softening market

The 1970s classic single storey house came with approved plans for a luxurious view-filled five-bedroom, four-bathroom home, designed by Wolveridge Architects. 

The beachfront had sold last at 2014 auction for $2.65 million, when offered at $1.9 million plus.

The price guidance this time was $2.7 million to $2.97 million.

The street's top sale sits at $3.65 million since mid last year for a 2004-built home.

The nation's top sale was in Kirribilli, when Michael and Louise Tang, who operate supermarkets in Papua New Guinea, put their nearby terrace to by invitation-only auction yesterday.

There's been no formal price disclosure, excepting the Willoughby Street property (below) sold for somewhere within its price guide of $8.75 million to $9.25 million to north shore buyers.

Aspendale knockdown sells amid Melbourne's softening market

There were three registered bidders when auctioned through Belle Property. 

Kirribilli's median house price sits at around $3.3 million.

Last traded at $2.55 million in 2000, the renovated five-bedroom, four-bathroom property has a library, guest suite, media room.

There's a north-facing rear garden and a pool.

Sellers have surged into the market over the past fortnight to avoid a clash with the federal election to be held next weekend, and also to avoid the school holidays too.

Melbourne hosted around 1,025 auctions, down from 1,085 last weekend, but higher than the 1,007 held one year ago, according to CoreLogic.

The initial results reflected a 68 percent success rate, signifying the third week in a row where Melbourne’s clearance rate sat below 70 percent.

Sydney’s 77 percent success rate was higher than the 73 percent in the prior weekend, but lower than the 82 percent of one year ago.

For the tenth week in a row, Sydney recorded a clearance rate in excess of 70 per cent. 

CoreLogic spokesperson Kevin Brogan said the Sydney clearance rate had "maintained strength" over the past six months.

Brisbane 171 auctions secured a 48 percent initial clearance rate, compared to 45 percent last week and 46 percent one year ago.

Adelaide's clearance rate remains in the 60s, with 89 auctions securing a 67 per cent success rate.

"Over the past three weeks, the number of auctions held in Adelaide has held relatively steady and is also comparable to one year ago," Kevin Brogan said.

There were 42 Perth auctions held this week, with a fall in the weekly clearance rate, to 28 percent, from 31.9 percent from last week.

Canberra’s clearance rate rose this week, up from 61 percent last week to 64 percent this weekend.

Overall the national auction clearance rate sat 69 percent, up from 67 percent last weekend.

The rise represents a further improvement from the recent 65 percent low over the weekend leading up to the Queen’s birthday public holiday. 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Property market Aspendale


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