Melbourne auction market solid over long weekend

While rain lashed the city during the unofficial Melbourne Cup long weekend, buyers still braved the weather to raise their hands at auction.

Following last weekend’s super Saturday, on which 1400 auctions were held, this weekend was far more subdued with only 174 properties going under the hammer. 

Melbourne’s preliminary clearance rate sat at 68.9 per cent after 110 reported results.

Chief economist at AMP Capital Shane Oliver said Melbourne’s market was still looking “pretty solid” for the first weekend in November.

“Results do seem to have slowed from September,” Dr Oliver said.

He expected the number of auctions and sales would spike after the long weekend, similar to what happened in September after the AFL grand final weekend.

Despite fewer auctions, there were still some big results. One of the biggest was the sale of  6-8 Lisbon Street, Glen Waverley, which sold for $4.98 million. 

LLC Real Estate’s Andy Lou said an opening bid of $4.3 million set the scene.

A family looking to tear down and redevelop the homes – on a 1470-square-metre block – were the winning bidders, Mr Lou said.

Nearby in Wantirna South, a four-bedroom home at 79 Sylphide Way, sold for $1,084,000 – $104,000 above the reserve – after an auction that saw 92 bids made.

“We were exhausted after,” Schroeder & Wallis agent David Ling said with a laugh.

Four bidders, all families, were looking to buy the home, which was on the market for the first time since 1974. 

A local family won the keys, with the buyer growing up just down the street, Mr Ling said.

In Blackburn North, two properties sold for above $1 million at the weekend with buyers also keen to stay in their local area.

A three-bedroom home at 2/38 Gunyah Road was snapped up by local downsizers for $1,165,000 and a family bought a four-bedroom home at 112A Koonung Road for $1.61 million.

Fletcher Real Estate Blackburn auctioneer Mark Fletcher said despite the pouring rain and the long weekend, bidders were out in force in the local area.

“It really shows the strength of the market since last year,” Mr Fletcher said.

A three-bedroom home at 24 Compton Street, Canterbury, sold under the hammer for $1,636,000 – well above the $1.35 million reserve.

The competitive auction was held indoors, with five bidders fighting it out for the keys.

Fletchers Real Estate Canterbury director and auctioneer Tim Heavyside said the buyers were a young family originally from China looking to make Melbourne their home.

The auction of a five-bedroom home at 43 Hanover Road, Vermont South, was also held inside as it rained, with four bidders fighting it out for the home.

The home sold for $1,508,000, well above the $1.48 million reserve.

McGrath Box Hill’s Ripple Wu said a young family looking for a bigger home was the winning bidder.

While million-dollar properties sold, those in the lower-price bracket also attracted strong results.

A property at 14 Medway Road, Craigieburn, on the market for the first time since the 1970s, sold under the hammer for $560,000. The reserve was $520,000.

Ray White Craigieburn auctioneer Daniel Diamantopoulos said the home was built by the vendors and it was their first as a young couple. They sold to first-home buyers at the auction.

“It’s a lovely story,” Mr Diamantopoulos said.

Though the area is not known for its auctions, a four-bedroom home at 22 Zenith Road, Beveridge, sold under the hammer for $618,000.

First-home buyers made the winning bid.