Quality Stock Still Selling Well

The clearance rate this week dipped below 60% to 56% as reported by the REIV. A total of 292 properties sold out of 518 scheduled auctions.

Auction Results Hawthorn East
26 Hastings St Hawthorn East

The NPB clearance rate for the week was 61%, with 8 of the 13 properties we reviewed selling. While there are plenty of auctions failing to sell under the hammer, many are selling by post auction private negotiation after the property has passed in.

26 Hastings St Hawthorn East was a well renovated 3 bedroom single fronted Victorian which was being quoted $820-890k. A crowd of around 60 people saw 2 buyers bid until it reached $855,000. The property was passed in and later sold for $892,000.

A 2 bedroom Californian bungalow at 113 Shaftesbury St Coburg received only 1 real bid before being passed in for $635k. The agents Nelson Alexander had been quoting 630-690k for the campaign. The property later was reported as being sold for $650,000.

Auction Results Eaglemont Melbourne
52 Durham St Eaglemont

52 Durham St Eaglemont was a 3 bedroom, 2 bathroom house on 477sqm and in a great position. Jellis Craig Director and auctioneer David Oster ushered everyone out of the rain and into the living area for the auction to be conducted indoors. His best efforts in trying to get a real bid were unsuccessful and that resulted in the property being passed in on a vendor bid of $875k. The property later sold for $930k.

While there is plenty of stock on the market, much of it is not great quality and the better property is still attracting multiple bidders. Not surprisingly due to its location, 1/21 College St Elsternwick, a renovated 2 bedroom villa unit with street frontage and own driveway was contested by 3 people in front of a crowd of approximately 50 people. The property was quoted $500-550k and the bidding opened at $500k. It quickly got to $585k when it was announced as having reached the vendors reserve and sold for $610k which is a very good result for the vendor.

The full list of the properties we reviewed this weekend:

Suburb Type Beds Quote Result
Brunswick Townhouse 2 $500-550k SOLD $584k
Elsternwick Villa unit 2 $500-550k SOLD $610k
Cheltenham House 4 $590-640k PASSED IN
Moorabbin House 3 $600-650k SOLD $667k
Coburg House 2 $630-690k SOLD $650k
Northcote House 2 $650-700k SOLD $800k
Fairfield House 3 $720-790k PASSED IN
Elwood Apartment 2 Over $780k PASSED IN
Kew House 4 $800-880k SOLD $950k
Hawthorn East House 3 $820-890k SOLD $892k
Surrey Hills House 3 $850-900k PASSED IN
Eaglemont House 3 Over $900k SOLD $930k
Sandringham House 4 $920-1010k PASSED IN

The market is expected to perform the same for the rest of May. Look out for the quality stock as there are likely to be some good buying opportunities over the next few weeks

Antony Bucello
National Property Buyers
0418 131 950