Among the wind, hail and rain, which wreaked havoc across Melbourne on the weekend, buyers – unmoved by the weather and ready to find a bargain – turned out in droves to bid at auctions.
Melbourne’s preliminary clearance rate sat at 69 per cent on Sunday after 319 auctions and 207 confirmed results.
Domain economist Trent Wiltshire said auction numbers remained low in Melbourne at the weekend due to the school holidays.
“It was another weekend of strong results for Melbourne,” Mr Wiltshire said.
A good turnout and competitive bidding saw a three-bedroom, two-bathroom home at 52 Wallace Street, Preston, sell well above reserve of $1.17 million.
In the crowd of about 50 people, four bidders pushed the price to $1,285,000. The ultimate buyers were a young professional couple who had been renting in Preston and wanted to buy in the area. This was their first home.
Barry Plant Inner North director Jim Dimitropoulos said the outcome was well above vendor and agent expectations.
“At the moment we’re seeing a shortage of quality homes on the market,” Dimitropoulos said.
Read the full article at Domain.com.au