Melbourne’s first spring auction weekend returned a 58.8 per cent clearance rate, with buyers competing fiercely for some homes while remaining highly selective on price.
Melbourne sellers face a spring reality check, with buyers still competing hard but highly selective about what they are willing to pay.
REA Group data show the first weekend of spring returned a 58.8 per cent clearance rate from 369 reported Melbourne auctions.
Of those, 117 homes sold under the hammer and 97 changed hands before auction, while another three sold afterwards.
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At the top end, Templestowe recorded Melbourne’s biggest reported auction-day sale, with 11 Smiths Rd fetching $2.17m.
A three-bedroom home at 275 Princes St, Port Melbourne, followed at $1.975m, while 7 Lille St, Surrey Hills, sold for $1.96m.
But one of the clearest signs of buyer appetite came much further down the price ladder.
11 Smiths Rd, Templestowe, was Melbourne’s highest reported home sold under the hammer, fetching $2.17m.
The home at 275 Princes St, Port Melbourne, sold under the hammer for $1.975m, Melbourne’s second-highest reported auction result.
Seven active bidders fought over an original-condition three-bedroom house at 1230 Plenty Rd, Bundoora, pushing it $95,000 beyond the top of its $600,000-$660,000 price guide.
Bidding opened at $500,000 before the next buyer immediately jumped the price by $100,000 to $600,000. The hammer eventually fell at $755,000.
Buyers pushed 7 Lille St, Surrey Hills, to a $1.96m auction sale, placing it among Melbourne’s biggest results of the weekend.
6 Howitt St, Northcote, changed hands for $1.91m under the hammer as million-dollar homes continued to find buyers across Melbourne.
Ray White Bundoora auctioneer Domenic Torzillo said most of the bidders were investors looking for opportunities in the softer market.
The property attracted 21 groups in the first week of inspections, followed by 19, 16 and 22 across the remaining three weeks.
Mr Torzillo said the final price exceeded his expectations and the seven-bidder contest was a reminder that strong competition had not disappeared.
Ray White Bundoora’s Domenic Torzillo said seven active bidders fought over a Plenty Rd home before it sold $95,000 above the top of its price guide.
He said it felt like a return to the busier Saturday auctions agents had become accustomed to in stronger markets.
Ray White Victoria and Tasmania chief auctioneer Luke Banitsiotis said price sensitivity was the defining feature of the current buyer pool.
Ray White Victoria and Tasmania chief auctioneer Luke Banitsiotis said Melbourne buyers remained highly price-sensitive despite strong competition at well-positioned auctions.
Ray White recorded 7563 buyers through inspections during the week, while auction listings attracted an average 4.6 attendees in their first week compared with 2.2 for private sale campaigns.
“The defining feature of the current buyer pool is high price sensitivity, making strategic campaign positioning essential,” Mr Banitsiotis said.
He said auction campaigns were still generating urgency and competition, but sellers needed to position homes carefully to get buyers moving.
The strength was not confined to the more affordable end of the market.
The Essendon owners of 20 Washington St paid $55,000 in 1982 before selling their Californian bungalow for $1.842m after 44 years.
An Essendon Californian bungalow at 20 Washington St sold for $1.842m, the fifth-highest reported Melbourne sale under the hammer.
The sellers had bought the home for $55,000 in 1982 and raised their children there during 44 years of ownership before deciding to move permanently to St Leonards.
Jellis Craig Moonee Valley agent Kelli Johnson said sellers were still pausing on plans to list despite the arrival of Melbourne’s spring selling season.
Jellis Craig Moonee Valley agent Kelli Johnson said bidding initially stalled before a neighbour looking to upsize entered the contest and sparked a battle between two buyers.
A young family ultimately secured the home, with Ms Johnson saying there were tears from both buyers and sellers after the result.
But she said the expected spring surge in listings had so far been more muted than many agents anticipated.
Stock had increased, but cautious sellers were still holding back.
REA Group data also recorded 125 auction withdrawals.
“People are waiting,” Ms Johnson said.
“There’s a lot of pausing at the moment.”
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