Auction data from Melbourne shows surprising market shifts – realestate.com.au

Victoria is set for its busiest auction week of the year, with almost 2,000 homes set to test the market next week.

PropTrack figures show 1,966 properties across the state will go under the hammer, following a preliminary clearance rate of 71.5 per cent from 650 early auction results this week.

Melbourne-based buyer advocate Cate Bakos said the weekend before the Melbourne Cup was often one of the busiest of the year, with August’s rate cut also boosting buyers.

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“We also find that sellers and agents are less likely to sell before the auction, they want to have their day in the sun because they have the assurance that competition is healthy and sellers have a greater chance of an agreeable outcome,” Ms Bakos said.

“We have a seller’s market.”

She noted that the Reserve Bank’s multiple rate cuts through 2025, higher lending levels and increased competition left some buyers concerned that more homes would become unaffordable for them.

“So we’re seeing a lot of motivated buyers,” Ms. Bakos said.

Marble worktops and Miele appliances, including a dishwasher, feature in the kitchen at 33 Ford St, Newport.

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11A Charles St, Cheltenham, had six bidders registered for the auction on Saturday.

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Adrian Butera, director of the Real Estate Institute of Victoria and director of Compton Green Inner West, said Melbourne’s traditionally busy spring market felt like it started a little later this year, but the amount of shares available for sale was now starting to increase.

“I feel like September has been quieter than normal, and now we’re starting what I would generally describe as spring,” Butera said.

He said late October would be a busy period, while November “is also going to be very strong”.

Mr Butera’s colleagues, Gerard Hannan and Dee Gibson, had a four-bedroom townhouse at 33 Ford St., Newport, which went under the hammer on Saturday with an asking price of $1.25 million to $1.35 million.

Of the two bidders, a young family bought it for $1.37 million.

Five bidders are vying for the keys for the apartment at 703/32 Bosisto St, Richmond.

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In Melbourne’s south-east, a three-bedroom house at 11A Charles St, Cheltenham, advertised with price expectations of $1.15 million to $1.25 million, delivered $1.378 million.

Kevin Chokshi of Ray White Bayside Group said a couple buying a first home won the keys from six registered bidders, four of whom took part in the bidding.

“The sellers were a young couple who were expanding and hoped to settle down sometime before the New Year,” Mr Chokshi said.

And downtown, a two-bedroom apartment at 703/32 Bosisto St, Richmond sold for $775,000.

Listed by Luke Saville of The Agency, it had a reserve of $710,000 and was purchased by a first home buyer returning from overseas to Australia. Five bidders contested the auction.

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