KATE NANCARROW
November 30, 2009
REAL estate worth almost $1 billion changed hands in Melbourne during the past week, including $612 million from the weekend’s 1046 auctions, as the market hit its traditionally busiest period.
The clearance rate fell slightly to 78 per cent as the late-spring flood of property spread buyers a bit thinner, but agents still reported four or five bidders for many properties, particularly in the $700,000-$1.5 million family home range.
In Elsternwick yesterday, Biggin and Scott’s Angelos Stefanis had four bidders for a three-bedroom semi-detached home at 54 Seymour Road, which sold for $1,405,000 after being announced on the market at $1.2 million. Mr Stefanis said demand for family homes was very strong. ”Anything $700,000 to $2 million is being hotly contested right now,” he said.
In Port Melbourne, the firm sold a double-storey, two-bedroom renovated house on only 82 square metres for $950,000, a result that agent David Lack described as ”extraordinary”. The house, at 76 Station Street, was sold to an investor. Hocking Stuart had some strong results from its 150 auctions, including $4.71 million for a double-storey Victorian home at 34 Ferrars Place, South Melbourne, that attracted three bidders, and a single-fronted renovated house at 345 Burnley Street, Richmond, that attracted four bidders before selling for $1,093,000.
The Richmond and Brighton markets were particularly strong for the firm, with clearance rates of 90 per cent from 10 and 11 auctions, respectively. In the west, Craig Stephens of Jas H. Stephens found the weekend harder work, with three properties passed in and sold after negotiations. One, at 47 O’Farrell Street, Yarraville, sold for $712,000. He said buyers were now spoiled for choice and would find ”good bargains on Christmas Eve” as vendors whose properties had failed to sell at December auctions looked to sell before the holidays.
In Carnegie, Woodards’ Ruth Roberts secured a strong price for a large, well-renovated four-bedroom home at 56 Truganini Road, that was passed in at $1,250,000 but sold for $1,325,000 to the lone bidder.
Nearby, Buxton’s Paul Podbury reported three international buyers were among four bidders for a well-renovated 1970s home on large land at 30 Paget Street, Hughesdale, that sold for $1.28 million. He said international buyers were becoming increasingly significant.
