Melbourne’s auction results remained strong at the end of the second-biggest weekend of the year.
The preliminary clearance rate sat at 74.4 per cent after 1328 auctions were held and 931 results reported.
It’s likely the finalised clearance rate will be around 70 per cent, pointing to the strong demand for good properties continuing.
AMP Capital chief economist Shane Oliver said Melbourne’s results were not as strong as Sydney’s but were still showing the market could attract price rises into the new year.
“The number of sales and listings have picked up, and, to me, it’s still pretty strong,” Dr Oliver said. “It’s a little behind boom-time levels.”
Domain economist Trent Wiltshire agreed the results pointed to solid price growth in the Melbourne market.
“Demand remains strong towards the end of the year,” Mr Wiltshire said.
There were several big results at the weekend, as agents reported a pre-Christmas surge in buyer activity.
One of the biggest results for the weekend was the sale of a five-bedroom home at 7 Rosslyn Street, Hawthorn East.
The home, in a much sought-after street, sold for $4.51 million after three bidders fought it out for the keys.
Jellis Craig Hawthorn’s Richard Winneke said the buyers, a young family, had seen the property for the first time on the day of the auction.
The vendors gave the buyers a proper tour after the auction, showing them parts of the home they may have missed, Mr Winneke said.
“They’ll [the buyers] be rapt once they recover from the shock,” he said with a laugh.
Two neighbours, whose houses back onto each other, decided to join forces and sell their properties as one.
The two homes, at 30-32 Wellington Road, Clayton, sold for $4.3 million after two developers fought it out for the properties that are opposite Monash University.
Buxton Oakleigh’s John Mu said the buyer was planning to build some multi-level apartment buildings on the 1450-square-metre site.
A four-bedroom home at 32 Adelaide Street, Armadale, sold for $400,000 above the reserve after a highly competitive auction.
Marshall White Stonnington director John Bongiorno said four bidders fought it out for the property, which sold for $3.35 million under the hammer. The buyers were a couple, he said.
Another home, at 4 Illawarra Road, Hawthorn, had several bidders pushing the price $300,000 above the reserve. The four-bedroom property sold for $2.5 million.
Mr Bongiorno said there was a rush from buyers wanting to get in before the end of the year.
“There’s definitely some urgency out there from buyers, they’re wanting to get in and buy before Christmas,” Mr Bongiorno said.
In Strathmore, a six-bedroom home at 9 Balmanno Crescent, Strathmore, sold for $3.2 million under the hammer after two bidders fought it out toe to toe, Brad Teal Real Estate’s Brad Teal said.
Both bidders were families looking to move to the house that backed onto parkland.
A young family bought the home for well above the price guide of between $2.5 million and $2.7 million.
“Good homes are getting a lot of attention,” Mr Teal said.
In Richmond, a house that did not attract a buyer at an auction in June, sold under the hammer at the weekend.
The three-bedroom property at 154 Mary Street sold for $2,026,000, above reserve $226,000.
Biggin & Scott Richmond’s Russell Cambridge said it was a strong end to the spring selling season with another busy weekend expected this weekend.
A property in Wantirna sold for the same amount above the price guide — $226,000 — for a surprising price of $1,186,000.
“The opening bid was $990,000,” Mr Arroyo said. “There were two buyers advocates in the crowd of 80, and they went in strong, there was no mucking around.
“They had a list of properties they wanted to get today, but as it turned out, they didn’t get this one,” he said.
The buyers were a young family looking to make the place their own.