Victoria's most expensive suburbs slow during school holidays: RP Data

Victoria's most expensive suburbs experienced a slow market during the school holidays, with only one property securing a spot on RP Data’s top 10 expensive sales list.

In the week ending Sunday April 7, New South Wales accounted for the other nine sales.

Located on the Esplanade in Mornington, the three-bedroom home sold at auction on April 7 for $1.9 million.

Dean Phillips of McEwing Partners Real Estate secured the sale.

Situated on a 978-square-metre block, the property includes two bathrooms, an upstairs timber kitchen and a balcony that stretches the length of the house.

It last sold in 1999 for $825,000.

The top sale for the week was actress Susan Hannaford’s Balgowlah Heights harbourfront property, which sold at auction for $3.15 million.

The five-bedroom home sold at auction on April 6 by Mark Novak of Novak Real Estate.

There were a total of 443 auctions in Victoria last week, with 286 properties selling and 157 being passed in.

“The volume of auctions in the cities most expensive suburbs drops significantly in the school holidays,” says Robert Larocca from Real Estate Institute of Victoria.

“It’s interesting to note that this trend is only present in the inner east and inner south eastern suburbs, as they are the city's most expensive.”

“This causes the overall value of sales to drop.”

“This is not an issue with the market or its health, rather it’s a particular trend in some suburbs and it will correct itself after the holidays,” says Larocca.

The REIV expects around 570 auctions this coming week.

The most expensive sales for the week ending April 7 are as follows.

30A Beatty Street, Balgowlah Heights, NSW, 2093, five-bedroom house, sold at auction on April 6 by Novak Real Estate for $3.15 million

1 Thompson Street, Tamarama, NSW, 2026, three-bedroom house, sold at auction on April 6 by Ray White Double Bay for $2.962 million

16 Queens Avenue, McMahons Point, NSW, 2060, four-bedroom house, sold at auction on April 6 by 1st City Hasemer & Caldwell.Eyles Double Bay for $2.1 million

25 Loch Street, Freshwater, NSW, 2096, three-bedroom house, sold at auction on April 6 by Parnell Partners Estate Agents for $2.025 million

7 Albyn Road, Strathfield, NSW, 2135, four-bedroom house, sold at auction on April 6 by Devine Real Estate Strathfield for $2 million

36 Crows Nest Road, Waverton, NSW, 2060, three-bedroom house, sold at auction on April 6 by Raine & Horne Crows Nest for $1.95 million

16/26 Melrose Parade, Clovelly, NSW, 2031, three-bedroom unit, sold on April 2 by McGrath Edgecliff for $1.95 million

81 Grove Street, Birchgrove, NSW, 2041, three-bedroom house, sold prior to auction on April 6 by Raine & Horne Montano for $1.902 million

835 Esplanade, Mornington, VIC, 3931, three-bedroom house, sold at auction on April 7 by McEwing Partners Real Estate Mornington for $1.9 million

49 Robert Street, Freshwater, NSW, 2096, five-bedroom house, sold prior to auction on April 4 by L J Hooker Seaforth for $1.8 million