Toorak tops weekend sales: APM
Victoria’s most pricey property to sell at auction on the weekend was a house in Toorak for $3.525 million.
The stylish three-bedroom house at 14 Glen Road is on a 888 square metre block near the Kooyong Tennis Club. Local agent RT Edgar Toorak handled the sale, according to Australian Property Monitors.
About 100 people attended the auction where there was a single bid of $3.2 million. Subsequent negotiations took the sale price higher, said RT Edgar’s Jeremy Fox.
The modern renovated house is built around a central courtyard and last sold in 2003 for $2.15 million.
The median house price for the area dipped in September with RP Data pegging the median at $2.4 million. In September 2013 the median price was $2.667 million.
According to RP Data, growth among house prices in Toorak is at 4.2%. In April 2012 the Glen Road house had been available to be rented for $1,390 a week.
One recent sale nearby was 7 Glen Road, which exchanged for $4.15 million while 23 Glen Road traded last year for $3.9 million.
The Melbourne weekend home auction market lifted at the weekend following two weekends of falling clearance rates, according to APM.
Melbourne reported a 76.4 percent clearance rate compared to the previous weekends 73.8 percent - the lowest result so far this spring.
Although Melbourne reported an improved result this weekend, the underlying trend has fallen recently, APM senior economist Dr Andrew Wilson said.
"Current clearance rates however continue to reflect solid local market conditions with competition amongst buyers for property encouraging for sellers," he said.
Some 1005 homes were listed for auction at the weekend, well ahead of the previous weekends 903 and also up on the 938 auctioned over the same weekend last year.
Over 1500 auctions are scheduled in the metro area in the usual pre-Melbourne Cup long weekend holiday Super Saturday of auctions.
Melbourne’s eastern suburbs continue to dominate auction results again reporting the highest regional clearance rates at the weekend.
The outer east led again with a clearance rate of 88.3 percent with 83 sales from 94 auctions.
