Auction success rate wanes as Camberwell tops Melbourne weekend results
The priciest residential property to sell in Melbourne during the weekend was a house in Camberwell, 10 km from the CBD, sold for $3.6 million.
The glamorous five-bedroom, four-bathroom house on 743 square metres at 73 Bowen Street was sold through Bekdon Richards, according to Australian Property Monitors.
In May 2013, the then red brick knock down that was built in 1925 sold for $1.395 million.
About 200 people attended an auction to watch some 50 bids made by six competing buyers.
The two-storey house features a swimming pool.
James Buyer Advocates reported the auction bidding opened at $2,850,000 then at $3,350,000 and the bid is referred, followed by the announcement the property was on the market.
The buyer's agency described it as a "really strong result given the street is a B-grader and the land itself was bought in March last year for $1,393,000."
According to RP Data, the median house price for Camberwell was $1.71 million in August this year. In August 2013 the median price was $1.36 million.
The last record for the road was set at 84 Bowen Street, which sold earlier this year for $1.775 million.
RP Data reports that Camberwell experience capital growth of 6.6% in 2013.
Melbourne’s weekend home auction market tracked backwards for the second weekend in row as signs emerge of a waning in buyer activity.
Melbourne recorded a weekend clearance rate of 73.8%, which according to APM was the lowest result reported for two months. This weekend’s result followed last weekend’s 75.8% with a falling trend now developing.
APM senior economist Dr Andrew Wilson suggested high auction numbers may be a factor in declining clearance rates with metro Melbourne this weekend hosting 903 auctions - well up on last weekend’s 740 and ahead of the 874 listed over the same weekend last year.
The Melbourne spring market will peak over the pre-Melbourne Cup weekend with an all-time record of over 1500 Saturday auctions due to be conducted in the metro area.
