The clearance rate for this week in Melbourne was 58% as reported by the REIV. Out of a total of 694 reported auctions, 403 were sold and 291 were passed in. 187 of those passed in were passed in on vendor bids.

The NPB clearance rate for the week was 64%, with 9 of the 14 properties we reviewed selling.  Again there were many auctions we attended this weekend where the properties were passed in and negotiated after the auction.

7 Grace Crt Mont Albert was 3 bedroom 1950’s brick veneer at the bowl of the court and on 650sqm. Initially quoted $800-880k, the price quote was raised in the week leading up to the auction to 850-950k. With a  crowd of around 40 odd people, the auction started with a vendor bid of $850k and only 1 party got involved, having the property passed in to them for $875k. The property later sold for $900k.

In Brunswick, a 2 bedroom apartment attracted a small crowd to watch an uneventful auction on Brunswick Rd. With a quote of $480-520k, the property passed in on the vendor bid of $480k and is currently for private sale for $530k.

The full list of the properties we reviewed this weekend:

Suburb Type Beds Quote Result
Essendon Apartment 2 $390-420k PASSED IN
Hawthorn East Apartment 2 $400-440k PASSED IN
Heidelberg Unit 2 $450-485k SOLD $490k
Richmond Apartment 2 $500-550k SOLD $620k
Brunswick Apartment 2 $500-550k PASSED IN
Malvern Apartment 2 $550-600k SOLD $597k
Cheltenham House 3 $550-605k SOLD $580k
Moonee Ponds House 3 $640-700k SOLD $725k
Yarraville House 3 $740-800k PASSED IN
Box Hill House 4 $850-930k SOLD $960k
Mont Albert House 3 $850-950k SOLD $900k
Kew East House 2 $900-990k SOLD $1041k
Nth Melbourne House 2 $960-1040k SOLD $1025k
Ivanhoe House 3 $1075-1175k PASSED IN

While it will be a quiet week ahead as it is the Queen’s Birthday long weekend, there are still plenty of opportunities presenting themselves at the moment and if you do your homework, you will know which properties are representing good value. Knowing what to do at an auction to put yourself in the best possible negotiation position is paramount at this time in order to get the property at the lowest possible price.

To discuss your property buying needs or if you need any help with your next property purchase, don’t hesitate to call or email me.

Antony Bucello
National Property Buyers
[email protected]
0418 131 950