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`Unbelievable market’: Monash auctions deliver soaring prices for vendors

First quarter ends on a high note with strong Super Saturday results

Buyer confidence is high in Monash suburbs due to the outstanding value of the area’s properties.

“There is still more price growth to come in sought-after suburbs like Glen Waverley and Mt Waverley,” Barry Plant Monash director Robert Namour said.

“The area is cherry ripe to appeal to a wide range of buyers because of the good infrastructure, shopping and schools in Monash.”

Another strong set of results was recorded by the agency over the Super Saturday weekend, as 2000 properties went to auction in Victoria. It sold 10 from 11 auctions, including nine in Glen Waverley and Mt Waverley, on March 27.

“Buyers are buying at any opportunity and sellers are capitalising on an incredible period in a strong market,” Mr. Namour added.

“Buyers seek quality properties and want to get into the right suburbs.”

Among the agency’s top results was 14 Strand Close, Glen Waverley, a four bedroom house on less than 700sq m which fetched $1.753 million - well above the seller’s reserve.

While the sales campaign did not attract huge interest, the auction drew eight owner-occupiers to bid.

“It was a small block, outside the Glen Waverley Secondary College zone and had a Number 4 address but sold well in the end,” listing agent Julie Guiqian Wells said.

“The seller was in tears at the great result. I was surprised with the result as we had only 60 groups inspect and only one email enquiry.”

The same day, 74 Mannering Drive, Glen Waverley, changed hands for $1,370,500, leaving a very satisfied seller.

Over at 4 Manna Gum Court, Vermont South, the auction ended with a $1.365 million result – well above what the seller had expected.

Another director at the agency, Sam Rossello, said he “had never seen a market like this”.

“Our 91 per cent clearance rate reflects the realistic prices the sellers have combined with what the market is willing to pay,” Mr Rossello said.

“We are getting multiple bidders and there is a lack of available properties for sale.”

Anxiety among buyers not wanting to miss out is a major factor for the prices they are willing to pay, Mr Rossello noted.

While school holidays and the Easter long weekend will affect auction numbers in April, high clearance rates are still expected.

“Buyers are turning up at inspections and auctions and our days on market for private sale listings have also gone down,” Mr. Namour said.