Melbourne Real Estate Market Sees Rising Prices Despite Increase in Listings

[The Epoch Times, August 14, 2023](Compiled and reported by Epoch Times reporter Gao Xiuyuan in Melbourne) Recently, there have been more listings in the Melbourne real estate auction market. Despite having more options, buyers are paying more. On Saturday (August 12), multiple properties sold for six figures above reserve.

The four-bedroom property at 18 Rowan Ave, Boronia, sold for almost $400,000 above its advertised price guide on the same day, the Herald Sun reported.

Two of the property’s highlights are its impressively landscaped backyard, complete with a swimming pool and basketball hoop, and its men’s private space indoors with a bar and projection screen.

The home, which had an advertised price guide of $900,000 to $990,000, fetched $1.37 million at auction.

In South Yarra, the auction of an award-winning architectural design two-bedroom house (32A Cromwell Rd) drew a large crowd.

Designed by Wood Marsh architectural studio, the property won the Harold Desbrowe-Annear Award for Best Residence at the 1996 Victorian Architecture Awards.

The home was advertised with a price guide of $1.4 million to $1.5 million, with the owner’s reserve price of $1.5 million and the final sale price of $1.76 million.

A rare event also occurred at the auction in Melbourne that day.

The three-bedroom home at 126 Howard Road, Dingley Village, was offered at auction at $950,000, about $100,000 above its advertised price guide of $770,000 to $845,000.

However, when the buyer realized he was asking too much, he asked to withdraw his bid.

“They were so involved in the bidding process that they didn’t notice the bids,” said Dylan Jansma, who chaired the auction.

Ultimately, the property sold to the second highest bidder for $945,000.

Any bid made during the auction is an “unconditional bid” under Victorian law and can be enforced by law. Buyers must pay at least a 10% deposit even if they cannot complete the purchase.

However, Genzima took discretion at the time to accept the withdrawn bid. He said: “We are willing to sell the house to people who are happy, and we don’t want to force people who are not 100% satisfied to buy.”

According to preliminary data from the Real Estate Institute of Victoria (REIV), there were 560 property auctions held in Victoria last weekend, of which 400 homes were successfully sold, with a clearance rate of 71 per cent.

PropTrack economist Anne Flaherty said the pause in interest rate increases in July and August had given both buyers and sellers more confidence.

Auction clearance rates have averaged 70.5 per cent over the past 12 weeks, compared with 67.3 per cent a year earlier, she said, suggesting demand from buyers has grown alongside supply.

“We do have enough buyers that we haven’t seen the peak levels of 2021, but we’ve seen a clear increase in people looking to buy on,” she said. “We haven’t seen the same level of sellers. growth of.”

Editor in charge: Li Xinran

2023-08-15 01:51:53
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