Moonee Valley sales take off before and on auction day
More twilight sales due to auction squeeze
Rising demand across all property types is fuelling strong auction sales in Moonee Valley suburbs.
With a lack of supply and strong demand, there is confidence in the market and “buyers are not holding back”, Barry Plant Essendon, Keilor East and Gladstone Park director Bill Karp said.
The agency notched six sales from seven auctions for the week ending November 13, with some sold prior and others on auction day.
“We see broad buyer demand, with sales ranging from period classics to brand new homes,” Mr Karp said.
“Prices extend from first-home budgets to multi-million dollar luxury showpieces.”
He noted strong clearance rates in recent weeks as the market was faced with a lack of stock.
“There are lots of buyers looking, with many properties selling well but some struggling,” Mr Karp said.
“Sellers with realistic price expectations are getting good results and we can still get good competition.”
Many properties are changing hands prior to auction as sellers are accepting reasonable offers beforehand.
A two-bedroom house on 387sq m at 105 Primrose Street, Essendon (image below), sold under the hammer on November 12 for a strong result.
Strong competition drove the price more than 10 per cent above the seller’s reserve, and the property changed hands for $1.29 million.
“It was a very quick auction and sold to a buyer from Ballarat who only saw the property during the week,” Mr Karp said.
Offering a rare opportunity to secure a classic freestanding period home in a popular pocket, it attracted four bidders. It had a reserve of $1.1 million with three bidders competing until the gavel fell.
Two sellers from Keilor East also enjoyed windfalls recently. A three-bedroom house at 15 Berembong Drive (image below) fetched $1 million under the hammer, while a new six-bedroom house at 9 Basalt Avenue (main image above) sold for $2.7 million, well before its Sale by SET DATEⓇ campaign ended.
In the run-up to Christmas and the holidays, many homeowners have been busy putting their homes on the market.
“Auctions are looking busy for us up to December 17, and we have had to schedule Monday and Tuesday twilight auctions from the end of November,” Mr Karp said.
“We ran out of slots for auctions and had introduce twilight auctions at 6pm and 7pm.”
He noted that some properties presented better at twilight, while weekday auctions also suited some buyers who could avoid competing with Saturday auctions.