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Prices soar at auctions as buyer activity rises

17 November 2022
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More buyers entering the market in bid to buy before Christmas

Auctions across Melbourne are delivering six-figure gains for many sellers as buyer activity rises ahead of Christmas.

With multiple bidders attending auctions, clearance rates for Barry Plant offices have risen in recent weeks.

The group had a 76 per cent clearance rate from 70 reported auctions, with 53 properties sold and 17 passed in, for the week ending November 13.

Melbourne’s preliminary clearance rate was 57 per cent from 800 results reported to PropTrack for the same week.

More auctions are also expected in the run-up to the festive season. For the week ending November 19, there are 1013 auctions scheduled in Melbourne and 65 in regional Victoria.

Among the highlights on November 12 was a four-bidder contest for a beachside

block at 9 Avondale Avenue, Chelsea (image below), which fetched $1.41 million.

This was $110,000 above the sellers reserve price and the sale reflected the property’s good location close to the water, shops and amenities, Barry Plant Chelsea agent Janine Foy said.

The vintage coastal-style two-bedroom house on 521sq m attracted owner-occupiers and investors.

“We had quality buyers from 20 groups at the inspections and it was sold to an investor for mainly the land value,” Ms Foy said.

“There has been more buyer activity in recent weeks with a lift in enquiries, and people starting to make offers and to buy.”

In the inner north, a three-bedroom house at 1/25 Warwick Road, Pascoe Vale (image below), sold for $970,000 or $100,000 above the seller’s reserve, Barry Plant Coburg & Brunswick auctioneer Jarrod Couch said.

Five buyers registered to bid and three raised their hands as the first bid went close to the top of the price range.

A young couple from Brunswick seeking to upsize won the keys to the charming and well-renovated house. The strong campaign attracted more than 70 groups at inspections.

In the city’s eastern suburbs, a Templestowe property at 6 Hampton Close (image below) drew six bidders who drove the price to $1.35 million.The seller had a reserve price of $1.2 million.

The luxurious three-bedroom house on 356sq m was popular because of its single level floorplan and location within two coveted school zones, Barry Plant Manningham partner Todd Lucas said.

“There were six bidders including young families, downsizers and investors,” he said.

“Downsizers living 500m away from the property snapped it up.”

And a resort-style five-bedroom house at 17 Stonebridge Way, Attwood (image below), sold well above the seller’s reserve for $1.51 million.

17 November 2022
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