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Blackburn North, Blackburn and Vermont tops for auction success

Real estate & property news
12 February 2024
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Eastern suburbs favoured for family-friendly vibes, good schools and amenities

Sellers in Whitehorse and Monash suburbs have the best chance of success at auctions, with eight of 10 properties sold in coveted areas.

Most of Melbourne’s top auction suburbs are found in the city’s east and southeast, with Oakleigh South leading with an 88 per cent clearance rate from 90 auctions, according to Domain figures.

Blackburn North followed with 87 per cent success from 71 auctions, while Blackburn recorded 85 per cent from a whopping 142 auctions held from early to late 2023.

Other top performers included Vermont, Dingley Village, Mulgrave and Wheelers Hill, where Barry Plant offices are active and command strong market share.

“Our auction success rate in Blackburn North is 100 per cent and almost all our listings are auctions,” Barry Plant Whitehorse auctioneer James Wardrop said.

“The suburb is attracting younger buyers as there are many 1960s-built homes ready to be renovated or ripe for knockdown-rebuild projects.”

The City of Whitehorse suburb, 17km from the CBD, is sought after because it is less expensive than nearby areas and offers good schools, amenities and easy access to the Eastern Freeway, Mr Wardrop said.

It has a median house price of $1,284,444 and recorded a strong 4.4 per cent price growth in the past 12 months, data showed. In contrast, the nearby suburb of Box Hill has a $1,425,500 median house price.

“Blackburn North has many tree-lined streets and attracts many buyers, mainly from the Asian community, who have been snapping up blocks to build new homes,” Mr Wardrop added.

“They are drawn to the quality schools, and easy access to the freeway, train station and a recently revamped local shopping centre.”

Sellers in sought-after suburbs opt for auctions because these deliver higher prices due to strong competition.

“An auction is the better way to sell and we are getting between two and four bidders per auction, and properties often sell above the price guides,” Mr Wardrop noted.

One such sale in 2023 was 34 Charlton Street, Blackburn North, which had a $1.05-$1.15 million price guide but sold for $1.376 million with three keen bidders.

34-charlton-street-blackburn-north facade

While Blackburn has more expensive homes, it also has units priced at $650,000-$900,000, excellent schools, a train station, shops and a family-friendly atmosphere.

Mr Wardrop noted that Vermont, 21km from the CBD, had long-held properties and good-sized blocks with spacious four to five-bedroom houses.

“We are seeing many migrant families coming to the area due to the good schools and price point,” Mr Wardrop said.

The suburb’s median house price is $1.25 million, which grew 5.2 per cent in 12 months.

Melbourne’s overall clearance rate fell to 58 per cent last November and was in the mid-50 per cent in early December, down from a peak of almost 75 per cent last June.

Real estate & property news
12 February 2024
Save Article

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