Victoria’s busiest auction weekend of 2022 produced some stellar results despite industry experts hinting runaway auctions could be starting to slow.
A sprawling four-bedroom home in Malvern notched an incredible $8.4m sale on the weekend in what was likely the biggest auction result of the week.
About 150 people turned out to watch the 1120sq m property at 11 Glendearg Grove go under the hammer on Saturday.
But only one bidder vied for the keys to the “picturesque” Victorian, with Kay & Burton director and auctioneer Scott Patterson passing the property in at $8m.
It sold soon after for the hefty sum, via a “friendly negotiation,” to local buyers.
The exclusive “once-in-a-generation” estate featured four-bedrooms, three-bathrooms, a pool and manicured gardens.
Mr Patterson he was expecting “more properties to be sold via negotiation rather than at runaway auctions” this year.
“Across the board, we are noticing fewer buyers but the buyers out there are better qualified,” he said.
“Buyers are behaving more cautiously, leading to a more stable environment. This more measured approach means vendors have to be more strategic and ensure they consider all their options and offers.”
About 1480 auctions were scheduled to go ahead in the past week, according to the Real Estate Institute of Victoria (REIV).
As of Saturday evening, a total of 926 results had been reported to the peak body.
Among them was a townhouse at 16A Snowden Dr, Glen Waverley, which produced a “massive result,” selling for $1.701m.
Harcourts Judd White chief executive Dexter Prack said seven bidders pushed the sale $121,000 above vendor reserve in a surprising sale.
It was originally listed with a $1.35m-$1.45m asking price.
Meanwhile in Aberfeldie, a home that had been in the one family for more than 50 years attracted an incredible $2m-plus sale.
Four bidders competed for the dated three-bedroom, two-bathroom property at 104 Fawkner St, which is within walking distance of the Maribyrnong River.
Barry Plant Essendon director and auctioneer Bill Karp called the house of the market at $1.7m, declaring there were “few opportunities like this” in the suburb.
The 481sq m home eventually sold for $2.007m — about $400,000 above its initial $1.5m-$1.6m asking price.
REIV president Adam Docking said Saturday’s bumper auction numbers were indicative of the months to come.
“I think we’ll continue to see solid auction numbers right through January, February and March, at a minimum,” Mr Docking said.
“Easter will be the first test of how the market is going to go for the rest of the year — but we’re still going to have excellent auctions.”
Realestate.com.au recorded a preliminary clearance rate of 83 per cent from the 642 auction results available.
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