What's happening in the market…
On Saturday, Melbourne's median auction price was $820,000, and a huge $339.2 million worth of property was sold, the Domain Group stated.
Domain reported that over the past 10 years, the number of suburbs with a $1 million or above median price has risen from 5 to 121. Click here to read more and to view the suburbs.
The Reserve Bank of Australia has once again left the cash rate at the historic low of 1.5 per cent, where it has remained since August last year.
Saturday 5 August
Number of auctions in Victoria: 683
Clearance rate: 77%
The same weekend last year
Number of auctions in Victoria: 654
Clearance rate: 76%
Auction highlights…
10 Anita Court, Doncaster East
On an elevated corner block with a peaceful treed outlook, this neat and well-maintained home is ready for its next owners to move straight in, or may also appeal to builders and developers as the site for a new prestige home or townhouses (STCA).
"There were six interested buyers on the Friday afternoon prior to auction day, and on the day there were five bidders. We certainly experienced an amazing bidding war amongst 3 bidders in particular, with the under bidder only inspecting the property for the first time on auction day. The vendors are over the moon with the result!" – Rino Presutto.
Number of bidders: 5
Sale price: Confidential
23 Burton Street, Chadstone
Built by the current owner, this expansive four bedroom, three bathroom family home is a classic entertainer, boasting five to six living zones and two kitchens. Offering plenty of scope to update and add value, a host of features include a rumpus room with wet bar, a 1st floor balcony with uninterrupted views over Jordan Reserve, a study/home office and a covered alfresco area. Transport is within walking distance, and Riversdale Golf Club, Chadstone Shopping Centre and the Monash Freeway are close by.
"An awesome result – $352,000 over our vendor's expectations and the highest ever price recorded in the street! A brilliantly run campaign." – Steven Zervas
Number of bidders: 3
Sale price: $1.852 million
5 Bidston Court, Ringwood
Occupying approximately 936 sq m of landscaped gardens in the bowl of the court, this beautiful brick veneer house will excite families with its separate living zones with views and reserve access. The home features an exposed brick fireplace, cathedral ceilings, north-westerly alfresco entertaining area and two sheds.
The lucky new homes owners will enjoy having all desired amenities close by, including Yarra Valley Grammar and Kalinda Primary School within walking distance, and close proximity to hospitals and medical facilities, shopping centres and transport. Congratulations to both the vendor and the new home owners!
Number of bidders: 5
Sale price: $1.067 million
by Steven Zervas in Miscellaneous