Buyers have resurfaced across the Melbourne market, inducing competitive auctions with strong results and a buoyant preliminary clearance rate on the final Saturday of summer.
The city appears to have rebounded from its weak ending to 2018, with CoreLogic recording a 51.2 per cent preliminary clearance rate from 876 recorded results on February 23.
It’s the third week in a row the market has notched a result above 50 per cent, which Wakelin Property Advisory director Jarrod McCabe said was a huge improvement from late last year.
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“With the banking royal commission behind us and interest rates more likely to fall than rise, we may well have passed peak property pessimism,” Mr McCabe said.
“Prospective buyers need to be aware that the favourable conditions of late may not last as long as they expect.”
It took just four minutes to topple vendors’ expectations at 4 Courtis St, Williamstown, which sold at a $170,000 premium.
The elegant Edwardian was called on the market on its first bid and sold for $1.87 million in lightning speed.
Jas Stephens agent Chris Reaper said the four-bedroom property had three bidders who quickly pushed up the price across 18 bids.
It sold to a family already living in the suburb looking to upsize, leaving a Newport family the underbidder.
The trendy pad included immaculate front and rear gardens, with a contemporary kitchen and second living area inside.
In nearby Yarraville, an apartment built in the former St Georges Theatre building was snatched up by a first-home buyer.
Two bidders competed for the ground floor pad at 6/40 Murray St, which eventually passed in for $667,000.
It didn’t take long for negotiations with the highest bidder to end with a $669,000 result.
National Property Buyers director Antony Bucello said while buyers had returned to auctions, it was difficult to read how properties would perform.
“Interestingly, we are noticing that overall numbers at open for inspections and auctions have increased compared to late last year, however buyers are still being very cautious with their decision making,” Mr Bucello said.
Four bidders vied for a double-fronted house at 4 Malmsbury St in Hawthorn, which sold $130,000 above the price guide’s top-end for $1.53 million.
A large block at 46 Weir St, Balwyn notched one of the city’s most expensive sales, as three bidders looking to develop on the land competed at auction. The 946sq m property passed in on a $2.4 million bid and negotiations resulted in a $2.56 million sale, Jellis Craig’s Chris Hingston said.
Next weekend will be busy again for the Melbourne market, with 902 auctions scheduled for Saturday.
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