4th July 2017: Auction Snapshot: Saturday 1 July

What's happening in the market…

It's the new financial year, and data from the Domain Group shows that Melbourne's median house price rose by more than $110,000 in one year! The median cost for a house in Melbourne jumped from $732,104 in March 2016, to $843,674 in March 2017.

Whilst temperatures have progressively cooled, Melbourne's auction market remained hot, with the highest number of homes selling under the hammer in autumn. REIV data shows that more than 9,160 homes sold at auction the first quarter of 2017 – a 7.6 per cent increase on the previous record set in 2015.

The census data indicated a huge rise in renters. The Domain Group highlighted that the outer suburbs have witnessed the largest growth, most likely due to the drop in rental affordability within the inner city. "Over the past decade, Victoria's median weekly rent has increased 75.7 per cent while the median household income grew just 38.8 per cent," they said.

Saturday 1 July
Number of auctions in Victoria: 619
Clearance rate: 74%

The same weekend last year
Number of auctions in Victoria: 223
Clearance rate: 70%

Auction highlights…

80 Thompsons Road, Bulleen

This immaculately maintained original, three bedroom home with treetop views has transport at its door and shops located only a short walk away. The residence comprises of a living and dining room, pristine original bathroom, alfresco terrace and kitchen with Fisher and Paykel stove. The new home owners will be spoilt for choice, with plans and permits for a three bedroom, two storey townhouse to be constructed at rear – or they can just enjoy the home as it is!

Number of bidders: 2
Sale price: $1,060,000

466 Balwyn Road, Balwyn North

This two storey family home features an elegant Victorian influenced facade and a tasteful interior. Well suited to families, the home is within the Balwyn High School Zone, and the Koonung Creek Reserve parklands and walk/cycle trail are just metres from the front door. The home features a solar heated pool and paved alfresco terrace, while the sleek contemporary kitchen has caesarstone benches, Miele appliances and a walk-in pantry. Congratulations to the lucky new home owners!

Number of bidders: 4
Sale price: Confidential

11 Kalista Court, Burwood East

Ideally placed in a quiet court, this three bedroom home is only around the corner from Burwood East Primary School and transport, and is central to Burwood One and The Glen shopping centres. The home boasts a modern kitchen, decking and a secure garden. The residence easily provides the new owners a basis for an extension and renovation, or alternatively could be replaced by a new luxury residence (STCA).

Number of bidders: 3
Sale price: $1,180,000