10th October 2017: Auction Snapshot: Saturday 7 October

What's happening in the market…

809 properties went to auction on the weekend with a median price of $750,000 reached, a nice change from the short break Melbourne experienced on the weekend prior due to the AFL Grand Final.

New laws may be put into place in regards to rental properties including the introduction of a fixed rental price, landlords needing to provide reasons for asking current tenants to move out and rental properties allowing tenants to have pets, reported the Domain Group.

Once again, the Reserve Bank of Australia has decided to leave the cash rate at 1.5%, unchanged since August 2016.

Domain highlighted that over 1,000 auctions are scheduled for next weekend, which is expected to continue to rise the following weeks.

Saturday 7 October
Number of auctions in Victoria: 944
Clearance rate: 74.3%

The same weekend last year
Number of auctions in Victoria: 966
Clearance rate: 79.8%

Auction highlights…

51 Tortice Drive, Ringwood North

Elevated to capture beautifully leafy views of neighbouring Parkwood Reserve, this three bedroom home features an under cover deck, polished boards, secure garden, contemporary kitchen and living room with tri-stacker door to the alfresco. The new home owners will enjoy a location only moments from Yarra Valley Grammar and Luther College, transport, North Ringwood shopping village, Eastland and Eastlink.

Number of bidders: 6
Sale price: $945,000

14 John Holland Court, Blackburn

Showcasing contemporary architecture, significant living spaces and an abundance of natural light, this renovated six bedroom home enjoys a court location. Enjoying gated access to North Blackburn Square Shopping Centre, this residence is within walking distance of buses, Blackburn High School, Koonung Park and Old Orchard primary school. Other features include a north-facing alfresco dining area, home theatre, Scandinavian timber floors and Caesarstone kitchen.

Number of bidders: 3
Sale price: Undisclosed

17 Simon Street, Clayton South

Situated on a quiet street in Clayton South's hottest pocket, this light, bright and eco-friendly three bedroom home offers the best of both worlds-unbeatable location, generous allotment and nature at your door step. With enough space to renovate or redevelop (STCA) and easy access to parks, walking tracks, Clayton Central, train, bus and schools, this property is a dream for home buyers and investors. Congratulations to the lucky purchasers!

Number of bidders: 3
Sale price: $955,000