Melbourne’s auction market will make a modest return this weekend, with about 30 homes set to go under the hammer tomorrow.
Another 10 will test the market across the rest of the state.
It will be the biggest run of auctions the city has had since last year’s auction market ended with about 100 auctions on December 22-23.
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It’s also a potential window into what might emerge as the market kicks back into gear over February.
And the city’s real estate agents are confident there will be buyers out there, despite a poor finish to 2018 that saw every weekend from the Melbourne Cup onwards end with a clearance rate below 50 per cent.
Ferntree Gully will be the busiest suburb, with five homes set to go under the hammer.
Ray White Ferntree Gully director Ben Thomas is personally handling seven auctions this Saturday, January 19.
“Why not get in before Australia Day?” Mr Thomas said.
“We launched them on December 18 and had the first official opens on January 5, and the first open had good numbers through.
“I think they all should go fairly well. I think it’s paid off.”
Mr Thomas is expecting bidding at all seven auctions, but said neighbouring homes at 5A and 5B Bambury Place, Ferntree Gully could have up to eight potential buyers between them.
“It should be a mix of downsizers and first-home buyers getting in,” he said.
The three-bedroom houses go under the hammer back to back — with scope that those who miss out on the first home at 10am will follow on with bidding at the second.
Coastal parts of Melbourne and the state have one of their busiest weekends on the Saturday during the Australia Day long weekend, but a Mt Martha house getting in ahead of time is tipped to attract plenty of interest this weekend.
The three-bedroom house at 11 Jackson St comes with an 1118sq m allotment and water views to Melbourne’s CBD, and had been inspected by a healthy 50 groups in the lead up to the auction, according to Barry Plant’s Clare Black.
“It’s had a lot of people attend, so we are expecting a lot of people there,” Ms Black said.
“I think it will sell, under the hammer or just after.”
However, in a carry over from last year, many buyers were finding it took longer to get finance approved than they were expecting.
“A lot will be there hoping it is passed in so they can make an offer,” she said.
“That’s a big difference this year compared to last year.”