20 June 2011
This week was another week where the clearance rate remained below 60%. According to the REIV, of the 639 scheduled auctions, 347 sold and 292 passed in, giving us a clearance rate of 54% . At the same time last year, the clearance rate was 68%.
The NPB clearance rate for the week was 56%, with 9 of the 16 properties we reviewed being purchased.
3/43 Marshall St in Ivanhoe – a 2 bedroom villa unit in a block of 4 – attracted a crowd of 30 odd people to watch an uneventful auction. Other than an opening bid of $480k, Jellis Craig Auctioneer Craig Shearn was unable to attract any further bidding other than his bid on behalf of the vendor at $540k. The property passed in and remains for private sale for $569,500.
It was originally quoted at $500-550k and then lifted to $530-570k in the week leading up to the auction.
In Fairfield, Nelson Alexander auctioneer Tom Alexiadis was all smiles as he bucked the trend at the higher end of the market. He had little difficulty in creating a competitive auction at 21 Gillies St. The property was a 3 bedroom weatherboard on over 500sqm with lots of potential and Nelson Alexander had been quoting $950k – $1045k . While the auctioneer was forced to start the auction with a vendor bid $950k, two bidders fought it out in front of a crowd of around 50 people. The property was announced on the market at $1.14m and continued until it sold for $1.205m. A very good result for the vendor.
The full list of the properties we reviewed this weekend:
|South Yarra||Apartment||2||$440-490k||SOLD $505k|
|Brunswick East||Townhouse||2||$520k+||SOLD $625k|
|Ivanhoe||Villa Unit||2||$530-570k||PASSED IN|
|Bentleigh East||Townhouse||3||$610-670k||SOLD $752k|
|Moonee Ponds||House||3||$710-760k||PASSED IN|
|Fitzroy North||House||3||$730-800k||SOLD $820k|
|Ascot Vale||House||4||$880-960k||SOLD $966k|
Next week has a similar amount of properties up for auction and as always, the better properties will continue to do well and the properties that are either in not so good condition or position will struggle.
Plenty of opportunities are still presenting themselves at the moment as the market is clearly favouring buyers and if you know what you are doing, you can purchase a very good property at a very good price.
If you need any help with searching, assessing or negotiating your next property purchase or simply wish to discuss your property buying needs with an expert, don’t hesitate to contact me.
National Property Buyers
0418 131 950