Hot Day For Property
A preliminary clearance rate of 68 per cent was recorded by the Real Estate Institute of Victoria for the 1210 properties auctioned in the Super Saturday event, including some that surged more than $100,000 past reserves.
"The auction market passed the biggest test in over two years,'' said REIV spokesman Robert Larocca.
"It's a very strong result when you realise this weekend last year was 59 per cent from only 703 auctions.'' And in Seddon a super sale established a new record for the suburb.
Auctioneer Marcus Fregonese described it as ``no longer the ugly sister to Yarraville'' before the auction of 33 Alexander St.
Three bidders in a crowd of more than 100 duelled from $1.1 million to $1.345 million, $115,000 past reserve.
Vendors Damon and Edwina Warren bought the property five years ago for $768,000 and were thrilled renovations had helped deliver a million-dollar result, the suburb's highest non-development site sale.
"It was beyond our expectations, so we're very happy,'' Mr Warren said.
Buxton auctioneer Craig Williamson also reported a monster result with 26 Osborne Avenue, McKinnon, selling for $965,000 - more than $100,000 over its reserve.
Thornbury has become Melbourne's most successful auction market with a clearance rate of 96.4 per cent so far this year.
Yesterday added 89 Leinster Grove to the tally. The three-bedroom house was bought by Heath and Pollyanna Bernhardt at almost $80,000 over the $780,000 advertised.
The pair were keen to find a new home near good schools for Sanji, 7, and Sasha, 3.
The auction of TV and radio host Ian "Dicko'' Dickson's Prahran investment property at 24 Willis St was a marathon 50-minute effort but finished at $1,257,500 -- well past its $1.15 million reserve, according to Hocking Stuart auctioneer Andrew James.
Wakelin Property Advisory director Richard Wakelin said this weekend was a barometer.
"This market appears extremely sustainable and will take us through winter and into spring with a continuation of what we have seen for the first couple of months this year,'' he said.