Coastal gems top Victoria’s hot auction list
Melbourne’s bayside suburbs are among Victoria’s auction hot spots with nearly 200 houses sold under the hammer in the first eight months of 2022.
Clearance rates ranged between 87-98 per cent for four bayside suburbs in the Top 10 list compiled from Real Estate Institute of Victoria figures.
Affordable Frankston North led the way for the beachside suburbs with 50 auctions in the year to August 31, with a strong 98 per cent clearance rate.
This included nearby 3 McMahons Rd, Frankston, which sold under the hammer for $825,000 or $75,000 beyond the seller’s reserve price.
Three bidders vied for the keys to the charming three-bedroom cottage, sitting on 618sq m. It was sold to a phone bidder, sight unseen.
Historically, auctions achieved stronger results in the region, according to Barry Plant Frankston property consultant Samira Hughes.
“With the auction campaign, there’s lots of transparency, buyers are able to see what their competitors are doing,” she said.
“While we do offer our sellers a range of sale methods, we generally lean towards the auction campaign because it does achieve the best results, and auctions are designed more so for the sellerr’s benefit as they are unconditional sales.”
At top spot was another coastal area - Warrnambool - which had a total of 98 auctions and a 96.9 per cent clearance rate.
Safety Beach, Mornington and Edithvale also made the cut with impressive clearance rates of 88.6 per cent, 87.7 per cent and 87.3 per cent respectively.
The state is entering one of its biggest spring selling seasons since the turn of the decade, with so-called battler ‘burbs expected to perform well.There are signs the market could be buoyed by the return of Melburnians who fled during lockdowns.