Back to boom: Big prices on Melbourne's Super Saturday auction weekend

Melbourne’s auction weekend was set to test house prices and sales results in the recovering market, with 1400 properties going under the hammer.

By the end of the weekend, the preliminary auction clearance rate was sitting at 75.1 per cent after 1032 results were reported.

Next weekend is expected to be quieter as the spring racing carnival is in full swing.

Domain research analyst Eliza Owen said it was a “strong result” following those from the past four weekends where the average clearance rate was 71 per cent.

“This strong demand, represented in clearance rates consistently over 70 per cent, is also showing in price increases across Melbourne,” Ms Owen said.

The latest house price report for the September quarter has revealed the quickest market turnaround ever.

“Domain data shows the median house price is up 4.1 per cent in Melbourne over the September quarter, and unit prices are up 3.7 per cent,” Ms Owen said.

Agents reported some sale prices close to, or above, those during the market boom between 2013 and 2017.

Michael Townsend, of McGrath St Kilda, said a two-bedroom home at 9 Moodie Place, St Kilda, sold for well above the price it got three years ago.

The property sold for $1.39 million under the hammer — $100,000 above reserve — with five bidders fighting it out for the keys.

Although mostly couples bid, the buyer was a mum who bought the property for her daughter.

A two-bedroom home at 382 Highett Street, Richmond, also sold for more than $100,000 above reserve, after seven bidders raised their hands at the auction.

Biggin & Scott Richmond director Russell Cambridge said it was well contested with a mum also snapping up the property for $1,224,000 on behalf of her son, who is living in Queensland. 

“The market has rebounded a lot,” Mr Cambridge said. “Everything seems back to normal.”

Nearby, celebrity chef and television personality Elizabeth Chong sold her three-bedroom townhouse at 2/28 Abinger Street, Richmond.

The property sold for $1.5 million to a couple seeking the Richmond lifestyle.

Selling agent James Vine, of Jellis Craig Richmond, said there had been a lot of interest in the home, which sold for well above the asking price range of $1,295,000 to $1.35 million.

“We were all really pleased with the result,” Mr Vine said.

Ms Chong, who is in her 80s, was selling up to look for another property.

A 97-year-old vendor also sold his home in Albert Park, with a professional couple snapping up 57 Foote Street for $3 million.

The sale price of the three-bedroom home with ocean views was $100,000 above the top of the asking price range of $2.9 million.

Director and actioneer with Greg Hocking Holdsworth Albert Park Warwick Gardiner said the home was being sold with the help of the owner’s siblings.

Another home, at 93 Armstrong Street, Middle Park, also sold above the asking price for $4.9 million.

“I think the market has stood up to the extra volume,” Mr Gardiner said. “It’s bouncing back probably stronger than we thought it would. Prices are not far off where it was 18 months ago,” he said.

Marshall White director and auctioneer John Bongiorno said the market came through Super Saturday with “flying colours”.

A highlight being the auction of 5 Milton Street, Canterbury, which sold $550,000 above reserve for $3.85 million, he said. 

Five bidders fought it out for the five-bedroom, three-bathroom home, with the eventual buyers being a family looking to upsize.

One of the biggest sales at the weekend was in Hawthorn, where a historic, four-bedroom manse at 25 Kooyongkoot Road sold for $8.18 million, sale records show.

A local family were the buyers, and one of only two bidders on the property.

Kay & Burton Hawthorn director Scott Patterson wouldn’t comment on the price.