It was going to take more than a wild hailstorm to dampen buyers’ spirits, with strong demand continuing to outweigh supply.
Despite the Labour Day holiday, which typically has fewer auctions scheduled, agents reported decent crowds gathering at many of the weekend’s 238 auctions.
The results cap off another solid week of property sales in 2010, with the $25-million sale of a Toorak mansion breaking Melbourne’s record house price of $21 million in November.
Fortunately, while most of this weekend’s scheduled auctions took place before Saturday’s hailstorm, JPP Buyer Advocate Catherine Cashmore said for those still taking place ”it presented a good test for the buyers to check if the house had a leaky roof!”
The overall clearance rate was 87 per cent, compared to 75 per cent this weekend last year and just 66 per cent this weekend in 2008.
Meanwhile, the clearance rate for flats and apartments this weekend reached 93 per cent, with 71 out of 76 the properties sold.
A unit at 2/28 Ulupna Road, Ormond had five bidders and sold for $560,000.
Woodards agent Ruth Roberts said they sold the same unit in the same block three months ago for $505,000.
Janet Spencer, director of Buyer Solutions, said the auction of a three-bedroom property at 37 Elm Grove, St Kilda East also had good attendance.
The house was quoted at between $750,000 and $820,000 but sold under the hammer for $990,000 after five to six bidders made over 40 bids.
Noel Jones group chairman Adrian Jones said one of the properties they auctioned at 8 Selwyn Street, Blackburn, was quoted at $500,000 to $550,000 and sold for $625,000.