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Melbourne’s auction market rebounded with a 73.2 per cent license rate as investors exited to reshape the landscape.
Melbourne’s auction market showed new signs of life, with clearance rising and confident buyers stepping up while investors quietly retreating.
PropTrack recorded a 73.2% licensing rate in 594 reported auctions last week, one of the city’s strongest results this year. Several sales have been higher than reserves as the Reserve Bank has recently slowed down.
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This week’s title results feature a Waverley Mount Home related to Sooshi Mango’s Joe Salanitri. The property is located at 7 Midway St for $1.865 million for hammers and opened at $1.5 million, with seven registered bidders.
Dexter Prack, director of Ray White Judd White, said the auction has attracted a lot of interest but has created a growing gap between owner occupation and landlords.
“We think the results may be higher, but overall, we’re happy – so are the owners,” Mr. Plack said.
The Waverley Mount Home, associated with Sooshi Mango’s Joe Salanitri, sold under the hammer for $1.865 billion.
Glen Iris Home at 1 Vincent St was Melbourne’s highest sales over the weekend, achieving a record of $4.06 million.
“The biggest problem for investors right now is the land tax and the traditional tape festival. The land tax has passed the roof and compliance has become a real burden. Rents are no longer cut, so many investors look to be looking at the interstate.”
REIV member Mr Prack said Queensland and Western Australia are now attracting Victorian investors to pursue better returns and fewer regulatory hurdles.
“It’s never been difficult to hold an investment property in Victoria,” he said.
Ray White Judd White director Dexter Prack said the land tax and the traditional tape festival are pushing investors’ interstate highways. Image: Rob Leeson.
Strathmore’s home at 4 Houston Street earned $2.23 million, one of Melbourne’s strongest weekend results.
Buyers advocate Cate Bakos said the trend has reshape the market.
“Investors are more selective, which means fewer rental properties are available, which exacerbates the rental crisis,” Ms. Bacos said.
“At the same time, we see the real urgency of the first home buyer.
Melbourne buyer advocate Cate Bakos said the investor retreat has exacerbated rent shortages and buyers’ urgency.
Balwyn North’s designer home at Landen Ave 6a Landen Ave is priced at $2.15 million for hammers.
“Even if interest rates are higher, many of the feared prices will continue to rise and they will miss the window.”
The highest reported results include 1 Vincent ST, Glen Iris ($4.06 million), 4 Houston Avenue, Strathmore ($2.23 million), Landen Ave, Balwyn North ($2.15 million), 6 Florence Street, Glen Waverley ($2.14 million) and 5 Beaconsfield RD, Hawthorn Rd, Hawthorn East (2.12m).
6 Florence Street, Glen Waverley received $2.14 million in a competitive auction with strong local interest.
Hawthorne East Beaconsfield Rd, Hawthorne earned $2.12 million as premium family homes continue to attract top dollar.
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