Melbourne sellers chasing unrealistic prices are contributing to the city's auction struggles, according to auctioneer Luke Banitsiotis. REA Group figures showed Victoria recorded a preliminary 62.8 per cent clearance rate on Saturday, with 236 sales from 376 reported results. Banitsiotis said owners who set realistic reserves drew four or five bidders. Buyer's advocate Cate Bakos said well-located homes needing renovation faced less competition than renovated family properties. Several homes sold above their published reserves at auction, including a North Melbourne property that reached $1.506m.
A renovated three-bedroom bungalow on Maribyrnong Road in Moonee Ponds sold at auction on Saturday for $1,375,000. The home sold $25,000 above its reserve after two bidders competed. The vendors bought it in early 2023 for $880,000. In Clifton Hill, a Victorian terrace house sold for $1,451,000 at auction, with five bidders pushing the price more than $160,000 above its $1.29 million reserve. Agents said buyer interest picked up in recent weeks.
A renovated three-bedroom bungalow on Maribyrnong Road in Moonee Ponds sold at auction on Saturday for $1,375,000. The home sold $25,000 above its reserve after two bidders competed. The vendors bought it in early 2023 for $880,000. In Clifton Hill, a Victorian terrace house sold for $1,451,000 at auction, with five bidders pushing the price more than $160,000 above its $1.29 million reserve. Agents said buyer interest picked up in recent weeks.
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Melbourne buyers are being urged to act before the November 28 election, with a buyers advocate claiming early buyers could save 10 per cent. Madeleine Roberts of MR Advocacy said interstate investors are already looking at cheaper Melbourne properties, and that some homes around $2 million are being discounted by $300,000 to $400,000. Both major parties have pledged to restore Victoria's $300,000 land tax-free threshold for investment properties, though Ms Roberts questioned whether Labor could be trusted.
Former ANZ chief executive Shayne Elliott and his wife, Nagla Khattab, have listed their historic Toorak house with a price range of $10.9 million to $11.9 million. The circa-1891 home sits on a 1290 square metre block and includes a 10-metre pool, an outdoor pavilion with a kitchen, and an underground wine vault holding more than 500 bottles. Period features such as stained-glass skylights and marble fireplaces have been kept during a renovation. The home is covered by a Stonnington Council heritage overlay.
Melbourne's median house price has dropped below the $1 million mark for the first time since early 2021, according to Domain's latest report. Prices slid 3.3 per cent in the September quarter to $1,014,335, and Domain's chief residential economist, Dr Nicola Powell, expects a fall below $1 million by December. Rate rises and cost-of-living pressures are weighing on buyers, while unit prices also declined. Ray White's Hammad Agog reports bargain hunters are emerging, with some buyers moving to outer suburbs. AMP's Diana Mousina suggests the pace of falls is slowing, with prices potentially bottoming out by mid-next year.
Sam and Snezana Wood have listed their multi-million dollar Melbourne house for sale, weeks after Sam was arrested on domestic violence-related charges. The five-bedroom home has a price guide of $6.5 million to $7.15 million. The couple bought it last September for $7.15 million, so they may break even or make a loss. Sam was charged with assault occasioning bodily harm and strangulation in a domestic setting after an alleged incident in Noosa. He has denied the allegations.
A local owner-occupier paid $1,252,000 at auction for a Port Melbourne house with a designed crack in its facade. The two-bedroom home at 29 Little Cruikshank Street was designed by architect Robert McIntyre. Four local bidders competed, and the home had been on the market for only 10 days. Across Melbourne, Domain recorded a preliminary clearance rate of 53 per cent, with 59 auctions withdrawn. In Cheltenham, a young family paid $1.3 million for a four-bedroom house, and in Greensborough a first home buyer paid $635,000 for a villa unit.
A family from Williamstown bought a renovated double-fronted Victorian home in Newport for $1.79 million after auction on Saturday. The property at 32 Speight Street had a $1.8 million reserve. It passed in on the family's $1,735,000 bid before the sale was negotiated. Domain recorded a preliminary clearance rate of 53 per cent for the week. Agents said turnkey homes are selling well, while homes needing work are more difficult to sell.
