Chock-a-block: bidders pour in to fight for former beauty
"It rained bids," Dixon Kestles agent Kizzy Okoukoni said.
The four-bedroom terrace at 160 Powlett Street was sold as a deceased estate, although the mortgagee had already claimed the property before the owner died.
"It's a heart-wrenching story. He was a hoarder and the place was full of stuff," Mr Okoukoni said.
More than 200 people passed through the 10-room house, attracted by its remnant period features and undeterred by the scale of the future renovation.
"These television renovation shows have a big influence. It's a big aspect of real estate at the moment. They see people doing it on TV and they think they can do it too," he said.
Melbourne's auction clearance rate was 71 per cent for the weekend based on 506 results reported to the Real Estate Institute of Victoria.
In Melbourne, 148 properties were passed in, 97 of them on a vendor's bid. A further 69 sold before auction and 42 results are yet to be reported.
Late results last week resulted in the clearance rate falling to 68 per cent. On the same weekend last year, a 62 per cent clearance rate was recorded but auction volumes have been 10 per cent greater this year.
Next week, 560 auctions are scheduled, with 630 on the cards for the following weekend. Hocking Stuart agent Andrew James said he expected the volume of auctions to remain stable until after the AFL grand final in late September or the election.
"I think the market is looking for a signal there. We are talking to a lot of people and it's at the forefront of their thinking - although it's not stopping them from buying," Mr James said.
"It bodes well for the last quarter of the year but there might be a bit of a rush at the end like last year," he said.
Buxton agent Arthur Apostoleros said young women were dominating the St Kilda apartment market.
"We thought this market would have dropped off when the first home buyer's grant ran out but they're out in force," Mr Apostoleros said.
The St Kilda apartment market went through a very quiet period during the recent market trough but has started to attract renewed attention.
"Prices aren't flat any more. Some of the places we sold over the weekend went 10-15 per cent over reserve," he said.
He auctioned 1/5 Mary Street in St Kilda on Saturday in conjunction with buyer's advocate Frank Valentic's company Advantage Property Consulting.
The 1970s-era one-bedroom flat fetched $471,500 - well over its $420,000 reserve.
Mr Valentic said his client had paid $375,000 for the flat three years ago.
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The dilapidated double‑storey terrace at 160 Powlett Street in East Melbourne sold under the hammer for $1.49 million after nine bidders competed. The four‑bedroom, 10‑room house was a deceased estate and had been heavily cluttered by a hoarding owner, although a mortgagee had already claimed the property prior to the owner’s death.
More than 200 people inspected the property, attracted by its remnant period features and strong renovation potential. Agents noted that television renovation shows have encouraged buyers to take on large reno projects, with many people seeing projects on TV and feeling they can do the same.
Melbourne’s auction clearance rate was reported at 71% based on 506 results submitted to the Real Estate Institute of Victoria. Late results later pulled the rate down to 68%. By comparison, the same weekend last year recorded a 62% clearance rate, and auction volumes have been about 10% higher this year.
Of the Melbourne results reported that weekend, 148 properties were passed in, and 97 of those were on a vendor’s bid. A further 69 properties sold prior to auction and 42 results were still to be reported at the time.
Auction volumes were scheduled to stay busy: about 560 auctions were listed for the following week and around 630 the week after. Hocking Stuart agent Andrew James said he expected volumes to remain stable until after the AFL grand final in late September or the election, adding that the market is looking for a signal but that it isn’t stopping people from buying.
Buxton agent Arthur Apostoleros said young women are dominating the St Kilda apartment market. The area, quiet during the recent trough, has seen renewed interest and some properties selling 10–15% over reserve. For example, a 1970s one‑bed flat at 1/5 Mary Street sold for $471,500 against a $420,000 reserve; the buyer’s advocate Frank Valentic noted his client had paid $375,000 for that flat three years earlier.
Vendor bids played a notable role: many passed‑in results involved vendor bidding (97 of 148 passed‑in properties). That indicates some properties did not meet reserve under competitive bidding and were retained with a vendor bid, which can lead to negotiations or a sale post‑auction rather than an immediate under‑the‑hammer sale.
Investors may want to monitor local auction clearance rates and auction volumes (both tracked by the Real Estate Institute of Victoria), the prevalence of vendor bids and passed‑in results, and seasonal or event‑driven shifts (agents flagged the AFL grand final and the election as potential timing influences). Also note buyer interest in renovation projects and suburb‑level demand changes—St Kilda’s recent pickup and strong bidding on renovated‑potential properties are examples highlighted by agents in the report.
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