Experts have branded this week’s 1000-plus auction Super Saturday a test that will set the tone for the Melbourne market for months to come.
It’s the first significant auction weekend since a “terrible spring” last year and the final report from the financial services royal commission was handed down.
Bentleigh East will be the city’s auction hotspot with 19 of the 1049 planned auctions.
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So far the city has rebounded under the hammer, with clearance rates above 50 per cent for the past two weeks — despite predictions they would remain in the low 40 per cent range seen late last year.
CoreLogic Australian head of real estate Geoff White said the last weekend in February traditionally “set the tone” for the market’s coming months.
“So if it does finish above 50 per cent, that’s a positive sign,” Mr White said.
The weekend’s success hinged on second- and third-home buyers, he said.
Real Estate Institute of Victoria chief executive Gil King said a “terrible spring” last year had left a reservoir of buyers waiting and a clearance rate above 55 per cent wasn’t out of the question.
At 1.30pm McGrath’s Luke Brizzi will auction the 61 Clarendon St, Thornbury home of Anyshka and Julian Jurie, along with 11-week-old Dakota.
The two-bedroom Edwardian weatherboard has a gas-log fireplace and a backyard spa.
“We want to extend our family and, while it’s all right now, we want to be ready for the future,” Ms Jurie said.
Co-listing agent Tommasina Scanu said the home had attracted significant interest ahead of auction.
“It’s been a lot of young families and young couples looking to get into the Thornbury market,” Ms Scanu said.
“It’s a great price point for anyone trying to get in.”
It’s expected to sell for $1-$1.05 million.
In Brunswick, Youssef Issa will auction a five-bedroom Victorian red brick he has spent years exhaustively renovating and extending.
The home at 3 Church St, Brunswick has a $1.95-$2.145 million asking price, reflecting its meticulously updated period features and a modern extension to the rear and upstairs.
Mr Issa said with the renovation now completed he wanted to get in before the federal election, which he believes could impact buyer confidence.
“I thought it would be risky to wait until the election,” he said.
While he renovated the home professionally with his company Villa Homes, he said he would still be sad to sell it after investing long hours and a lot of money into the overhaul.
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Ray White Brunswick’s Abdul and Jamil Allouche are handling the sale, which has been popular with locals impressed by the exacting overhaul.
It goes to auction at 10am on February 23.