Bayside scores 100 per cent clearance rate

Downsizers and first-home buyers battle it out at action-packed auction weekend

First-home buyers and downsizers flocked to Melbourne’s Bayside suburbs at the weekend to compete at auctions from Mordialloc to Dingley.

Barry Plant Mentone-Cheltenham scored a 100 per cent clearance rate on May 22, with six homes sold under the hammer, including1/111 Albert Street, Mordialloc, which was snapped up for $664,000.

The two-bedroom house sold significantly above the owners’ expectations because of its great size and fantastic location, according to director Chris Kavanagh.

In an action-packed auction for the 1960s original home, four first-home buyers battled it out against one downsizer.

“We had a solid campaign with about 80 groups through the great-sized home which sits at the front of a block of five,” Mr Kavanagh said.

“It’s in a great part of Mordialloc, Albert Street is a very short walk to the shops, transport, schools and the beach, a lot of properties are a short drive to those things, but not a lot are a short walk.”

Barry Plant Mentone-Cheltenham has two main buyer pools at the moment, first-home buyers and downsizers, Mr Kavanagh added.

“Most agents are facing the same problem, and that is that there aren’t a lot of properties for sale, although this is slowly increasing there is still an imbalance of demand to supply,” he said.

“In February of this year there were about 70 per cent less properties for sale than normal, as of today there’s about 40 per cent less properties for sale than normal.”

The median sale price for houses in Mordialloc in the March 2021 quarter was $1.43 million, a quarterly price rise of 10.9 per cent, according to Real Estate Institute of Victoria data.

Another great result was recorded at2/29 Forest Park Road, Dingley. The ‘well-attended’ auction drew a crowd of more than 100, who watched on as two downsizers battled it out.

The three-bedroom, single-level home sold for $1.005 million.

“The opening bid was called at $830,000. I am finding buyers are becoming more and more aggressive with their opening bids,” Mr Kavanagh.

Nearby in Mentone, five bidders battled for 1/20 Southern Road that was snared by a young family for $930,000.

The property drew a mix of downsizers, first-home buyers and families. It sold above the owners’ expectations because of its ability to cater toward every buyer type, according to sales agent James Colyvan.

“It really is an ideal property that fits everyone's profile, it is single level, virtually no steps and a good size, three-bedroom home,” he said.

“It was presented beautifully, with hydronic heating, a renovated bathroom and kitchen and has a great outdoor deck and nice front yard space.”

The median sale price for houses in Mentone in the March 2021 quarter was $1.375 million, a whopping quarterly price rise of 28.1 per cent, according to Real Estate Institute of Victoria data.

There are eight auctions listed for Saturday, May 29.