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6 Edinburgh Court, Werribee exceeded expectations to sell for $419,000 on the weekend, after a contest between six bidders.
SELLERS who risked sending their homes under the hammer on the Labour Day long weekend were rewarded, early clearance rates indicate.
Just 355 auctions took place in Melbourne last week — less than a quarter of the 1459 held the week before.
But a resounding 84.3 per cent of them resulted in sales, according to preliminary CoreLogic figures, including a Werribee house that earned $69,000 more than its reserve price.
CLICK HERE FOR THIS WEEK’S SALES RESULTS
The Werribee home’s large outdoor pergola was one of its biggest drawcards.Source:Supplied
Last week’s clearance rate was one of the highest recorded this year, up from 78.4 per cent the week before.
Nine out of 10 auctions in Melbourne’s inner south and inner east regions also resulted in sales last week, according to CoreLogic.
The results appear to dispute concerns held by many vendors and agents that scheduling auctions on a long weekend is risky, due to potential buyer pools being reduced by people going away on holidays.
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Bur Mr Brogan said standing out from the crowd could be a clever tactic, as “if you’re one of just a few auctions, you might get more attention from buyers”.
“We’ve still got a situation where there’s a shortage of stock, and that creates a competitive environment,” he said.
“If you’re making a significant purchase decision and a property you’re interested in comes up for auction, you wouldn’t think, ‘shall I go away and miss the auction?’ You’d go away later.”
Buyers were out in force in Werribee, where six parties bid for a three-bedroom brick house set on 609sq m at 6 Edinburgh Court.
Inside the Werribee home.Source:Supplied
The home sold for $419,000 — $69,000 above reserve.
Hocking Stuart Werribee selling agent Samantha McCarthy said an investor outlasted fellow investors and also first-home buyers to win the keys.
In Toorak, five developers battled for 658sq m of vacant land with a planning permit for two luxury Nicholas Day-designed townhouses.
RT Edgar Toorak director Mark Wridgway sold the site at 7 Monomeath Ave for $3.85 million — $850,000 over reserve.
Mr Wridgway said there was “huge demand” for development sites in Melbourne, and this one made it easy for the buyer, with all the work to obtain plans and design residences already done.
“All that would have taken time and cost more money,” he said.
A developer also paid a whopping $1.23 million over reserve for a 2664sq m site in Hawthorn East.
Six bidders put their hands up for 531-535 Tooronga Rd, taking the sale price to $8.73 million — last week’s most expensive. auction sale.
73 Victoria St, Williamstown sold for $1.9 million before its scheduled March 11 auction.Source:Supplied
Other properties scheduled for long weekend auctions were in such high demand, they were snapped up before the weekend even started.
A four-bedroom family home at 73 Victoria St, Williamstown sold for $1.9 million three days before it was due to go under the hammer. It had been quoted by Village Real Estate at $1.86-$1.9 million.
A renovated three-bedroom house at 21 Verdant Ave in Ardeer was also gone well before its March 11 auction date, fetching $574,000 on February 16.
21 Verdant Ave, Ardeer also found a buyer well before it was due to go under the hammer.Source:Supplied
Advantage Property Consulting director Frank Valentic had planned to bid on the latter, which was sold by Barry Plant Sunshine, but said whoever beat him to it made a smart move by making a pre-auction offer.
“We’re trying to buy a lot of properties before auction,” he said.
“People should avoid buying at auction if they can — emotions and egos take over and they’re getting very competitive.”
Originally published as No Labour Day pain for Melbourne sellers