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By evening, Domain Group recorded a preliminary auction clearance rate of 59.8 per cent from 189 reported results, while 26 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Clearance rates are an indicator of whether the property market is rising, falling or remaining steady, with rates above 70 per cent pointing to an annual house price rise of at least 10 per cent. Anything below 60 per cent broadly points to a fall in prices and a weakening market.
The grand Surrey Hills home was set on 635-square metres with five-bedrooms and four-bathrooms.
AMP chief economist Dr Shane Oliver said that the results from a long weekend could be an untrue reflection of the market, but Saturday’s 59.8 per cent preliminary clearance rate followed a trend seen in recent months.
“It’s quite possible we’re now starting to see higher interest rates get the upper hand. I suspect that if the RBA raises interest rates again, which we could well see this Tuesday, then we’ll see further weakness in the clearance rate,” Oliver said.
In Balwyn North, a three-bedroom home in the Riverside Estate sold at auction on Saturday for $2,835,000.
The house at 14 Inverness Way was bought by a young family, who beat another family in a private auction. The 835-square-metre block has a freestanding studio at its rear.
The auction was held at the Fletchers Canterbury office at the request of the vendors, Fletchers auctioneer David Taylor said. Three registered parties attended the auction, but one decided not to compete.
Bidding started at a vendor bid of $2.3 million and $10,000 bids were made by the two families. The house had a guide of $2.5 to $2.7 million. The reserve was not disclosed.
“I announced it on the market somewhere near $2.5 million, but I can’t really remember because the bidding was so quick at that time,” said Taylor. The sell-off was done in 15 minutes.
The vendors had lived in the home, which was first built in the 1930s, for the past 15 years, Taylor said.
He said many buyers were looking for new properties, adding: “Some properties are a little bit quieter than others, but some are really sailing along very well.”
An East Melbourne two-bedroom apartment with a view of the MCG sold for $1.25 million in post-auction negotiations after it first passed in when no bids were made at the auction.
An owner-occupier made a $1.2 million offer for 507/1 Powlett Street straight after the auction.
But a deal was only reached when the same owner-occupier offered $1.25 million, matching the reserve price of the seller, who was moving into a retirement home.
Caine real estate auctioneer Toby Campbell said there were two other parties interested in the apartment, but pulled out just before the auction.
In Cheltenham, an upsizing couple bought a renovated three-bedroom house at 36 Churchill Avenue for $1.48 million, but only after bidding against themselves three times.
The 1940s post-war era home, which had a guide of $1.3 million to $1.4 million, drew three registered buyers, but only one participated.
They opened the auction at $1.3 million, then bid against themselves twice more at $1.325 million and $1.48 million before they walked away with the keys.
The home sold through Kevin Chokshi at Ray White Cheltenham.
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