Each week we attend, bid, monitor and track Auctions. The current clearance rate in Melbourne, according to REIV 63% and REA said 49%.
After 18 years of tracking auction clearance rates on Saturday 20th June, I’ve learnt not to believe what is published on a Saturday afternoon. These are the preliminary clearance rates, and they are extremely misleading.
We expect that once the data is cleaned and published on Tuesday, the clearance rate will fall between 45% and 49%. We secure our data from SQM research out of Sydney as it’s much more accurate.
On Saturday 20th June, we tracked five Auctions across Toorak, South Yarra, Hawthorn and Kew.
Quote was 3-3.3M
Zero bids, and a new listing price of $3,295,000
The reason I feel this passed in is the price expectations above market value from the vendors.
Natural light: When you look at the floor plan, you have no natural light from the east or west across the first two levels.
The location is within walking distance of Chapel Street, South Yarra; discerning buyers of today might not appreciate how close it actually is.
9 May Road, Toorak, Vic 3142
Quote was 1.9-2.1M,
Passed in now asking 2.295M
I like the land size of 299 m2, the north-facing rear and the Edwardian facade. Although I would prefer the orange brick traditional facade like next door.
A very convenient location: you can leave the car at home and take the train or tram to most destinations. The village is almost on your doorstep, which is ultra-convenient.
The house itself actually needs work; it shares a wall with the Edwardian next door. The high ceilings and period features have been retained, but the floor plan, kitchen, and rear of the home need improvement.
Quote was 4.7-5.1M
Passed in at $4,725,000 on a vendor bid.
Now listed for a private sale for $5,100,000
With land in the area at $3,600,000-$4,000 per sqm, this, to me, now represents great value.
The home suits a young family, is move-in ready, and features a sound floor plan.
The natural light filters through in the afternoon as the architect has designed this well.
The highlight for me is the 6-car basement, multi-purpose room, games room, wine cellar, guest suite, and workshop.
You’re receiving a discount because the street is busy, and, of course, the house is opposite a cemetery, which will concern many buyers.
Quote was $900,000-$950,000
Passed in and now $900,000-$950,000
One of Toorak’s sought-after streets, this is an older-style, oversized apartment with room to add value.
This suits a first-home buyer who wants to add value, or a professional couple who is prepared to do the work to improve it over time.
Originally, the quote was 1.5-1.600M, but was adjusted down to 1.4-1.500M during the campaign. This home sold before the auction. Which typically means there was only one standout buyer. The sale price was undisclosed.
The apartment was older-style, a large 2-bedroom apartment had been renovated to a high standard. Some parts of the building’s common areas needed attention. But this street and location are AAA, so we expected this one to sell.
Industry Insider Property is one of Melbourne’s highest-rated independent buyer and vendor advocacy firms, with over 317 five-star Google reviews. With more than 80% of our business driven by referrals, our results speak for themselves.
Andrew Date, Founder and Senior Buyer and Seller Advisor.
Industry Insider Property
Level 3, 489 Toorak Road, Toorak 3142
