Auctions

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EXPERT OBSERVATION

With the advent of lower clearance rates, we are seeing more Melbourne auctions ending in a pass in.

A “pass in” occurs when the bidding at an auction does not reach the vendor’s reserve and, as such, the auctioneer having failed to illicit a high enough bid, passes the property in and according to the rules of the auction, must negotiate with the highest bidder first. 

If you have been to many auctions, you will probably have heard the auctioneer open up the auction with a “vendor bid”.

This is a bid, made by the auctioneer, on behalf of the vendor, quite often, to kick things off and get the bidding started.

But it is sometimes used by auctioneers to advance the bidding if they have only one bidder.

In other words, a bidder from the crowd bids $600,000 and nobody else says anything, so the auctioneer will bid $650,000 “Vendor Bid” and then ask the original bidder to go over the top. 

Now the auctioneer will say things like, only the top bidder gets the lawful right of first negotiation and as the Vendor Bid is the highest, then nobody has this right.

This is totally incorrect and a total lie.

The highest “real bid” from the audience does have the first right to negotiate with the vendor. 

In both 2012 and again in 2016 the Real Estate Institute of Victoria analysed the rules and publicly acknowledged that if a genuine bid had been made, that no vendor bid could be used to remove the right to first negotiation. 

<a href="https://www.consumer.vic.gov.au/housing/buying-and-selling-property/selling-property/selling-property-by-auction" target="_blank">Consumer Affairs Victoria </a>have also addressed this exact situation and on their website has said that the highest bidder has the first right too negotiate with the vendor.

This includes if the property is passed in on a vendor bid.

So, if you are bidding anywhere in Victoria on Saturday and you have the highest bid, and the auctioneer tries to remove your right of first negotiation by continually vendor bidding over you, call him out.

If you are the highest “real” bid you do have the first right to negotiate ahead of anyone else.

Ian James is a director at JPP Buyer Advocates

<h2>Recently listed properties in Melbourne:</h2>

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j.ballantyne1990-6AQqhLzZaK

Don't get fooled by a vendor bid, Victorian bidders have rights: Ian James

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The shortage of property listings is the biggest talking point of the 2016 spring selling season in Sydney and Melbourne.
There's many factors at play but a vicious cycle with home owners not wanting to sell while there is little on the market to then buy.
Melbourne finally gets its long awaited surge in auctions next weekend, much to the relief of buyers feeling deprived.
But the traditional pre-Derby Day-Melbourne Cup fillip sees around 1200 offerings, significantly below the record 1479 over the pre-Cup Super-Saturday last year.
Sydney's auction activity will fall away next weekend with just over 600 auctions scheduled, which according to Domain, is down on the 800 last year.
Despite home prices rising, the volumes languish well below previous highs, CoreLogic research recently noted.
CoreLogic estimates 339,000 houses and 132,000 units sold in Australia over the year to April.
The combined 471,000 annual tally was down almost 26 percent from the 633,000 transactions over the 12 months to May 2002, the last sales volume peak year.
CoreLogic research head Tim Lawless foresees the consequences of property owners less willing to list properties for sale.
Any short supply of housing stock is likely causing some urgency amongst buyers which is contributing to the upwards pressure on dwelling values, Lawless suggests.
Strong auction clearance rates continued given the lower weekend volumes with Canberra's near 84 percent narrowing topping the recent market leader, Sydney which had an 83 percent success rate.
"It has been another strong week for auction results, with a preliminary national auction clearance rate of 77.9 percent," CoreLogic's Kevin Brogan advised. The clearance rate has remained above 70 percent since the last week in July. 
There were 2,405 auctions held across the combined capital cities, up on last week's 2,290, but down on the 2,858 capital city auctions held last year.
Auction numbers were down a touch in Canberra where there were 74 auctions and an 83.9 percent success, as opposed to 86 auctions held on the same weekend last year when there was a clearance rate of 68 per cent.
Canberra prices ranged between $445,000 at Flynn and <a href="https://www.domain.com.au/3-finniss-crescent-narrabundah-act-2604-2013072115" target="_blank">$1.6 million at Narrabundah</a> (below). 
<img src="/images/2016/10/17/Screen%20Shot%202016-10-17%20at%208.30.02%20AM.png" alt="">
The Canberra top seller last sold for $240,000 in 1998. Luton Properties had offered a $1.2 million plus pre-auction price guidance on the property that had been a $1000 a week rental. 
The nation's top sale was in Toorak where $6.25 million was paid on Albany Road.
There had been a $5.5 million reserve at the Kay &amp; Burton auction which saw four bidders.
Across Melbourne, the preliminary clearance rate was steady at 78 per cent, remaining above the clearance rate for the city one year ago when it was 72 per cent.
Melbourne's outer east region was the strongest at 87 per cent.
Melbourne also had the nation's cheapest result when <a href="https://www.realestate.com.au/property/5-327-high-st-thomastown-vic-3074" target="_blank">$265,000 was secured at Thomastown</a> (below).
<img src="/images/2016/10/17/Screen%20Shot%202016-10-17%20at%208.31.36%20AM.png" alt="">
The two bedroom had last sold at $168,000. The prior top sale in the complex of five was $260,000 in 2014.
Sydney’s preliminary auction clearance rate was 83.3 percent, the 26 consecutive week above 70 percent.
The eastern suburbs of Sydney showed the strongest performance with 97 per cent of the 69 reported results selling.
Adelaide's clearance rate was 68 percent; Brisbane’s clearance rate this week was 52 percent, while Perth’s clearance rate of 50 percent was among the strongest in recent times.
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jchancellor-FAypfDUnLy

Spring racing carnival triggers short spike in Melbourne auction offerings

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Melbourne's top weekend auction offering was passed in at $6 million in Armadale at Marshall White auction.
The home on the Munro Estate is around two years old, a collaboration between architect Drew Cole, the late designer Stuart Rattle and landscape designer Paul Bangay.
Defined by contemporary European elegance, the four bedroom house sits on 580 square metres at 27 Munro Street.
<img src="https://images.listonce.com.au/listings/27-munro-street-armadale-vic-3143/732/00243732_img_09_x480.jpg?1" alt="27 Munro Street Armadale - Photo 1" width="719" style="line-height: 1.3em;">
The lower level accommodates a large cinema or store room, wine storage and five-car garage.
It last traded late last year a $6.08 million.
It was marketed by <a href="https://www.27munrost-armadale.com" target="_blank">Mark Harris at Marshall White</a> for weekend auction with $5.7 million plus expectations.
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Drew Cole, Stuart Rattle, Paul Bangay Armadale collaboration passed in

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GUEST OBSERVER
Uncertainty in the macroeconomic environment still persists. Greece’s bail out and the volatility of the Chinese sharemarket are still ongoing points of concern. The higher volatility is leading many to continue to invest in the property market. 
Both the ANZ and Commonwealth banks have increased interest rates for property investors by 0.29%, which might be an early headwind to the Spring market. 
Melbourne's auction clearance rate dropped to its lowest point in three months. The adjustment in investment rates for investors may have been the contributing factor. Despite the clearance rate dropping, some of the results were still pushing to new heights. According to Secret Agent’s rolling quarters, both houses and townhouses gained further price increases for another quarter. 
Melbourne's median house price surpassed $700,000 for the first time, with Sydney now exceeding the $1,000,000 mark. 
Winter auction listings are 20% higher than they were back in 2014. This is a reflection of the confidence in the current market by sellers. There has been a lower than average number of listings for high quality property above the $1,500,000 mark. As a result, these quality offerings in inner Melbourne have received large premiums recently, with demand outperforming supply. This should ease a little as we approach Spring and a higher volume of quality homes come onto the market. 
The suburbs currently booming according to Secret Agent's scorecard data are Abbotsford, Brunswick, Brunswick East, Northcote and South Yarra. It is interesting to note that suburbs performing the best are those that offer the most value for money and are within close proximity to the CBD. The exception to this is property in South Yarra. 
 
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$1,605,000 4-6 Phoenix Lane, West Melbourne 
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$1,920,000 10 Bell Street, Fitzroy 
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$1,511,000 10 Millward Street, Brunswick 
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$2,820,000 11 Mitchell Street, Northcote 
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$1,098,000 21 O'Connor Street, Brunswick East 
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$2,650,000 34 Airlie Avenue, Prahran 
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$3,600,000 52 Millswyn Street, South Yarra 
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$1,625,000 66 Cooper Street, Essendon 
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$2,346,000 116 Canterbury Road, Middle Park 
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$1,420,000 151 Shaftesbury Parade, Thornbury 
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Ken Premtic works on acquisitions at Secret Agent and can be contacted <a href="https://secretagent.com.au/team/" target="_blank">here</a>.
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Melbourne market shrugs off winter freeze: Secret Agent

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For the third time this year Thornleigh has secured another suburb price record.
This time, the Daily Telegraph reports, it was the sale of a renovated four-bedroom house on Beresford Road which bettered the $1,715,000 set last month when the record was set twice on the same day.
Auctioneer Leon Axford sold <a href="https://www.realestateview.com.au/Real-Estate/37-beresford-road-thornleigh/Property-Details-buy-residential-8947628" target="_blank">37 Beresford Road</a> through Dion Verzeletti at Ray White at $1,717,000 today. <a href="https://au.news.yahoo.com/video/watch/28508435/property-bubble-bigger-than-estimated/#page1" target="_blank">Channel 7 were there</a>.
<img src="https://i3.au.reastatic.net/800x600/56e73ac2c4a76a378b7f9ba23cb7c97c7f3cdb45b76d5b5c2d2090d1cee674cb/main.jpg" alt="37 Beresford Road, Thornleigh" title="37 Beresford Road, Thornleigh" data-index="0">
Property Observer recently noted Thornleigh was among 14 Sydney suburbs scoring a perfect 100% auction clearance rate during the autumn selling season.
Thornleigh on the upper north shore headlined the remarkable feat <a href="/expert-insights/buying/43408-thornleigh-s-100-autumn-auction-success-rate-and-13-other-stellar-sydney-hotspots" target="_blank">with 23 sales over the three months to May 31</a>.
The $1,717,000 house had been extensively renovated having previously (photo below) sold at $660,000 in 2013 and at $640,000 in 2010.
<img class="js-first-image" src="https://b.domainstatic.com.au/w800-h600-6747086_1_pi_150228_085305" alt="37 beresford rd thornleigh NSW 2120">
Thornleigh's runner up now is 20 Handley Avenue, (below) a five bedroom country style homestead.
<img src="https://i1.au.reastatic.net/456x342/07c6c3fd3959eadaed1cb608088d03b78596262841232e83d31c38f03847f97d/main.jpg" alt="20 Handley Avenue, Thornleigh" title="20 Handley Avenue, Thornleigh" data-index="0">
Still on the podium is 23 Judson Road, a five bedroom single storey home (below) on a 778 square metre triangular block.
<img src="https://i1.au.reastatic.net/456x342/b2bf40fa180206e8289961625184f19419bcb7aff967a9a5732619e744b6707a/main.jpg" alt="23 Judson Road, Thornleigh" title="23 Judson Road, Thornleigh" data-index="0">
The suburb went into 2015 with a $1,525,000 top sale price.
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$2000 higher, so Thornleigh's third record residential sale in 2015

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GUEST OBSERVER 
Ferocious bidding on the right homes – despite this being the largest auction start to a year in Melbourne auction history – the market lapped it up, spat out a few and said ”feed me, feed me, give me more.”
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/28/expert%20story%201.jpg" width="619" height="410">
At 6.00 pm the James Clearance Rate on Inner Melbourne Homes was close enough to 90% – yep 90% and that was on a Super Saturday (a big test).
James Bidderman was 2.6 bidders per auction, which means that whilst around 170 bought –  an incredible 270 didn’t  – and those 270 wounded underbidders will be back next week to fight it out, against a new wave of buyers; which in turn means the market will be going up, not down, ceteris paribus (all things being equal) over the next little while.
Absolutely no surprises – the market is strong and rising.
What else would you expect the Melbourne auction market to be doing?
No really, what else would you expect of the Melbourne auction market in the current environment.
Hands up if you are expecting the market to fall in the near future?
Can we ask why?
Not because we know for sure it won’t, we just want to know why you think the market will fall anytime soon?
Why will the market bake a different cake, whilst the market ingredients remain the same?
Demand=buyers=people=population is going up and not likely to stop, until change.
Supply=homes=land is going down and not likely to change.
This is a Demand, Supply and Price Interaction outlined by economists a few centuries ago (stood the test of time), tweaked as it applies to Inner Melbourne Home Market today.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/28/DandS-597x448.jpg" width="597" height="448">
 
Here are the major political parties increasing Demand/Buyers/Population policies. Google was the search function.
Liberal Party: We could not find a population policy among their key policies. 
Labour Party: We could not find a population policy among their top 100.  At least they were attempting to address the housing issue.
Greens: We found a population policy – well, it’s a commentary. But let’s be fair – at least they recognise that population is an issue. 
One Nation: They do not appear to have an easy to find population policy – they do have a migration policy that states a zero net migration. Dick Smith supports this part – No, not the boat people and Muslim commentary – the population management policy of zero net migration and infrastructure. 
None of the above is designed to be a criticism of politicians, we believe most are sincere and trying and that is not our role at James Buyer Advocates, as we see it.
Anyway back to the Demand=Buyers=Population side of the Home Market.
We hear you – what about interest rates and income and debt?
Yes, they affect (mainly at the lower levels), but the real driver is population demand, mainly from overseas.
Our belief, at the higher level, is the Inner Melbourne market has moved through the phase of infinite demand and supply interactions to a more finite one.
Our belief, at the higher level, is the Inner Melbourne market is slowly moving away from income, debt and interest rates; to an asset wealth exchange. In our opinion, assets not income are now beginning to steer the Inner Melbourne High End market.
Meaning the Inner Melbourne home-with-land market is moving to finite asset to asset transactions within any given time period and an increasing number of the interactions will only involve wealthy overseas investors, local intergenerational wealth and the occasional new-to-the-scene successful entrepreneur/very high salary earner – rather than banks, interest rates and anybody can buy a home.
Melbourne through the internationalism of its market, through Australia’s population and immigration policies (particularly the 2009 FIRB change) is in the process of becoming like Mumbai, New York, Inner London – where homes are exchanged on a different basis and with different players to mum and dad, rolling up to a bank, out to an auction and sign a contract, after they had a idea they wanted a nice house in Hawthorn last week.
Those days are well and truly gone for many and getting that way for others. That is not to say that another GFC would not have a significant effect on the Inner Melbourne market, of course it would, as debt is still involved. However, in our opinion, it would need to be as serious as that, for there to be a significant drop in prices.
Economic cataclysms are not that common and the buyers and sellers that recover best are usually the bricks’n’mortar asset rich anyway.
Our point – the logic of an Inner Melbourne homebuyer waiting for a meaningful drop in prices is, well, seemingly illogical to us.
Why will prices drop when the government and the opposition have no obvious focus on demand=buyers=population policies except full steam ahead – meaning more and more population (read more and more buyers, read more and more demand)? That is the demand side.
On the supply side it’s also just as simple.
Land and Infrastructure – they are not making it any more.
There will be no long lasting significant increase in supply in Inner Melbourne (ever again).
In fact we are losing more and more land to make more and more apartments.
As well, many buyers (local and overseas) are buying and holding and not selling – further reducing supply.
Many of these apartments are being bought by buyers on no stamp duty – so no contributions to infrastructure in the form of new taxes.
And whilst it was a bit of a joke, they are not making anymore infrastructure – it’s actually unfortunately sort of true (governments are not focussing on keeping pace anyway – they are more concerned about welfare and refugees, than new railways and regional living and immigration control).
We are not looking to suggest there should be specific changes on anything, that is for our leaders, whom we support.
All we are trying to do is outline the real issues – the real situations – so as our buying clients can make informed decisions going forward.
Noticed the increased traffic lately?  
That is demand=buyers=population increase and supply=land &amp; infrastructure decrease.
So back to the question we ask our clients/buyers – why do you think prices on good quality homes in Inner Melbourne will fall any time soon – unless there is a major change in …….. something?
Is waiting a good strategy?
Is buy-now a better strategy (if it’s the right home long term)?
Unless you see a major change in population policies, such as immigration and/or a big push to regional infrastructure or ….. something else we can’t see now, then, in our opinion at James, good homes with land will continue to rise and rise and rise in price, in the longer term future (yes of course with hiccups along the way)…….. and interest rates……Mmmm – not sure what affect they might have………. some yes……….but………. that may be history, the game may have changed?
Macro Change – will it come?
Our leaders current assessment is business wealth, turnover, profits, trade and so on is of greater community importance than owning your own home, village atmosphere, culture and so on.
They may be right, maybe its a pipe dream – personally we feel sad about that.
There is talk around the Inner Melbourne home buying market edges like monetary policy tweaking, but there is silence, a vacuum of policy about immigration and population (the real drivers) – and many buyers are just hoping things will be different, so they are not speaking up – population increase is the elephant in the room.
Hope is great, but it is action that changes things.
Are there any signs of action and change coming on a macro level?
If the Melbourne market was Canberra and buyers were kangaroos, there would be some calls for a cull – eg their would be noise in an attempt to reduce the problem – if there was going to be widespread action and change.
If the Melbourne market was the environment, many would be up in arms protesting about overgrazing and looking for strategies for change – there would be noise if there was going to be widespread action and change.
There is no noise on population issues – there will be no change in demand without you hearing the noise.
The macro noise is not there.
So Micro Change – yes you – you still have options.
1) Lie in the foetal position and give up on buying a good home.
2) Keep thinking the same ingredients will bake that different cake for you – knowing that almost every quality home has between 3 and 7 bidders up against you – and that number is increasing and your opposition is becoming better resourced (they are being forced to).
3) Or act now – do something about it – engage with a different idea in a different way – you need to make it happen. You may need to understand there is no magical wand coming from above. Maybe get some professional assistance – just a thought.
James Buyer Advocates – 5 from 5 this February month so far (for normal people/buyers) – but we were very, very picky on which properties we went after.
Suggestion to get you rolling on the MICRO.
Consider making an immediate mindset change in dealing with the population and home buying issue.
Consider moving away from focussing on saving money in the deal and buying cheap to focussing on doing what you need to do ($ prudently of course) to secure a good long term home (for you), that will last you 10-15 years and longer.
Your solutions may well be micro (you) – as macro ones simply ain’t happening anytime soon.
MAL JAMES is principal of<a href="https://www.jamesbuyeradvocates.com.au/" target="_blank" title="James Buyer Advocates" rel="nofollow"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes auction reports, advice and in-depth market analysis on James' website.
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Let’s face a home truth – the elephant in the room – population: Mal James

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CoreLogic reported it was another strong weekend for auction activity, ahead of the grand final weekend slowdown.
There were 2,445 auctions held across the combined capital cities with a preliminary auction clearance rate of 78 percent.
Last week, the final auction clearance rate was recorded at 76 percent with 2,149 residential properties taken to auction.
At the same time last year, auction volumes were higher with just 69 percent of the 2,835 offerings finding buyers under the hammer.
"Over the first four weeks of Spring, auction clearance rates have consistently been recorded at a higher rate than over the corresponding weeks last year, while auction volumes remain around 20 per cent lower," CoreLogic spokesperson Kevin Brogan said.
Melbourne, Australia’s largest auction market, notched up a 79 percent success rate. Strong sales above reserve continued to be evident.
Six bidders sought the unrenovated cottage at 24 College Street, Hawthorn which was announced as on the market at $1.25 million and sold for $1,551,000.
In Fitzroy, a two-bedroom house at 80 Cecil Street drew four bidders. It was called on the market at $1.1 million and knocked down at $1.3 million.
Melbourne prices ranged between $216,000 at Reservoir and $4 million at Canterbury.
<img src="/images/2016/09/26/Screen%20Shot%202016-09-26%20at%209.55.29%20AM.png" alt="">
It was a quaint 1930s knockdown home, Dooras without heritage overlay at <a href="https://www.realestate.com.au/sold/property-house-vic-canterbury-123448414" target="_blank">107 Mont Albert Road</a> (above).
Across Sydney, 930 homes were taken to auction this week - with 580 on Saturday - with a preliminary clearance rate of 84 percent.
A Bronte timewarp was Sydney's, and the nation's, top sale when $7.35 million was paid – $1.35 million over reserve - for the late 1950s house at <a href="https://www.realestate.com.au/sold/property-house-nsw-bronte-123396886" target="_blank">3 Bronte Marine Drive</a> (below).
<img src="/images/2016/09/26/Screen%20Shot%202016-09-26%20at%209.57.17%20AM.png" alt="">
The buyers' guide was $5.8 million. The buyer is likely to add a third floor.
Sydney's cheapest sale was $480,000 at Whalan (below).
<img src="/images/2016/09/26/Screen%20Shot%202016-09-26%20at%209.59.39%20AM.png" alt="">
The three bedroom house had last sold in <a href="https://www.realestate.com.au/property-house-nsw-whalan-123451950" target="_blank">June last year at $470,000</a>, so the $10,000 price gain would not have covered costs.
It had been a $345 a week rental, so reflecting a 3.75 per cent gross yield.
Last week, the final clearance rate for Sydney was 81 percent, across 815 auctions.
One year ago, 1,200 Sydney homes were taken to auction and the clearance rate was 71 per cent.
Brisbane's preliminary clearance rate was 51 percent, up from 48 percent last week but lower than one year ago, when 55 percent of auctions were successful.
This week, Adelaide saw a preliminary clearance rate of 84 percent, with 87 reported results across a total of 126 scheduled auctions.
Adelaide's top sale was $1,682,000 for a sandstone 1930s Tudor-style home in Fitzroy.
<img src="/images/2016/09/26/500_Adelaide.jpg" alt="">
The <a href="https://www.realestate.com.au/property-house-sa-fitzroy-123516286" target="_blank">1 Braund Road offering</a> (above) had a pre-auction price guidance of $1.5 million to $1.6 million. 
The five bedroom home had last traded at $385,000 in 1997, reflecting just over 8 per cent annual price growth with a renovation undertaken in 2004.
Perth’s clearance rate of 35.1 percent across 49 auctions was down from the previous week, when 39 auctions were held and a clearance rate of 45.2 percent was recorded.
In Canberra, 90 auctions were held this week, and of the 73 reported results, 70 percent were successful. 
Canberra prices ranged between $355,000 for a two bedroom Greenway apartment and $2.1 million for a three bedroom house in Forrest. 
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Strong spring auction clearance rates continue ahead of grand final weekend

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Sydney's July 11 weekend auction clearance rate was down to a year low of 80%. It represented the biggest of recent gentle declines amid five of six recent weekends of falling clearance rates.  
Sydney previously recorded an initial clearance rate of 83.3% (revised to 80.6%) and 72.7% recorded over same weekend last year.
The near 600 offerings was a record July volume.
The most popular suburb for auctions in Sydney was Maroubra with 11 followed by Blacktown with eight. There were seven auctions scheduled for Marrickville, Baulkham Hills, Wahroonga, Liverpool and Chester Hill.
Sydney’s south hosted the most number of auctions with 94 scheduled followed by the west with 76, the inner west and the city and east each with 71, the upper north shore 67, the south west 60, Canterbury Bankstown 47, the lower north 38, the northern beaches 33, the north west 31, and the central coast 17.
While Sydney auction clearance rate down to year low 80%, Dr Andrew Wilson at APM noted was Melbourne solid at 79.2%.
With less volume, some 560 auctions in Melbourne on Saturday, Melbourne's preliminary clearance rate of 79.2 per cent on Saturday, higher than the 78.7 per cent of the week before. The Melbourne numbers were just below the 548 auctioned last weekend, but ahead of the 478 auctioned over the same weekend last year.  Reservoir hosted the most number of auctions in Melbourne on Saturday with 14 followed by Richmond 13, Port Melbourne, Glen Waverley and St Kilda each with nine. 
The last weekend of July sees more than 700 homes scheduled for auction in Sydney.
Sydney will struggle with these high numbers to maintain the high clearance rates achieved earlier in the year, Dr Wilson forecasts.
"The preliminary clearance rate for the city was 80 per cent, which, while high in most markets, was the lowest rate of 2015 for a weekend not affected by holidays," he said.
"The reduced clearance rate is another early sign, along with the the surprise drop in home loans recorded in May, which point to a market that is passing the peak of house price inflation," he told Fairfax Media.
Sydney's top sale was $4.45 million for a 1319 square metre Chiswick property, with perched views over Five Dock Bay where its original cottage - three bedrooms plus sunroom - will be replaced with a new home. 
Lochlan Grahame of Cobden &amp; Hayson <a href="https://www.domain.com.au/for-sale/52-burns-crescent-chiswick-nsw-2046-2012048897?topspot=1" target="_blank">had nine registered bidders</a>.
A four-bedroom apartment atop the Portofino building in Bay Road, Sandringham sold for $3.3 million through Biggin &amp; Scott Brighton, as Melbourne's highest weekend sale.
Brisbane's top $1.7 million sale at Cleveland was an offering on its second auction marketing campaign. It had $1,890,000 plus private treaty hopes since last November's unsuccessful auction.
In Canberra the top sale was a 1975 built family home on a 1417-square-metre block in Beaumont Close, Chapman, 12 kilometres from the city, sold for $1.01 million through Deborah Blaine at Peter Blackshaw Woden and Weston Creek. It had been listed with $875,000 plus hopes. 
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</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_0">
<td id="x_rpMostExpensive_tdMostExpensiveCity_0" align="left">Sydney</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_0" colspan="2">52 Burns Cr, Chiswick NSW 2046, 3 br House, Cobden &amp; Hayson Drummoyne</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_0">$4,450,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_1">
<td id="x_rpMostExpensive_tdMostExpensiveCity_1" align="left">Melbourne</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_1" colspan="2">31/49-51 Bay Rd, Sandringham VIC 3191, 4 br Unit, Biggin &amp; Scott Brighton</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_1">$3,300,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_2">
<td id="x_rpMostExpensive_tdMostExpensiveCity_2" align="left">Adelaide</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_2" colspan="2">69 Avenue Rd, Highgate SA 5063, 4 br House, LJH Kensington | Unley</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_2">$1,230,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_3">
<td id="x_rpMostExpensive_tdMostExpensiveCity_3" align="left">Brisbane</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_3" colspan="2">16 Raby Bay Bvd, Cleveland QLD 4163, 4 br House, LJH Cleveland</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_3">$1,700,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_4">
<td id="x_rpMostExpensive_tdMostExpensiveCity_4" align="left">Canberra</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_4" colspan="2">14 Beaumont Cl, Chapman ACT 2611, 4 br House, Peter Blackshaw Real Estate Woden &amp;</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_4">$1,010,000</td>
</tr>
<tr>
<td colspan="2">
Most affordable
</td>
<td colspan="2"> </td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_0">
<td id="x_rpMostAffordable_tdMostAffordableCity_0" align="left">Sydney</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_0" colspan="2">4/11-17 Davidson St, Greenacre NSW 2190, 3 br Unit, Town and Country</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_0">$425,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_1">
<td id="x_rpMostAffordable_tdMostAffordableCity_1" align="left">Melbourne</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_1" colspan="2">6-7 Raymond St, Melton South VIC 3338, 2 br House, Raine &amp; Horne Melton</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_1">$163,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_2">
<td id="x_rpMostAffordable_tdMostAffordableCity_2" align="left">Adelaide</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_2" colspan="2">64 Overland Rd, Croydon Park SA 5008, 2 br House, RW Flinders Park</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_2">$373,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_3">
<td id="x_rpMostAffordable_tdMostAffordableCity_3" align="left">Brisbane</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_3" colspan="2">11 Woodview St, Browns Plains QLD 4118, 3 br House, RealWay Property Consultants Metro</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_3">$332,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_4">
<td id="x_rpMostAffordable_tdMostAffordableCity_4" align="left">Canberra</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_4" colspan="2">14/89 Britten-Jones Dr, Holt ACT 2615, 3 br Townhouse, Luton Properties - Gungahlin</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_4">$380,000</td>
</tr>
</tbody></table>
Source APM
 
{mijopolls 120}
 
</div>
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Melbourne likely to take strongest auction mantle as Sydney's 80% at year low

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Rising auction bidder numbers are underpinning the stronger clearance rates we've witnessed this year in most regions across Sydney. 
This emerging trend, if maintained, will soon lead to higher than expected price growth.
The average number of registered bidders sat at four at February auctions, according to the comprehensive data kept by auctioneer Damien Cooley at Cooley Auctions.
It was up on the three during December, but still below the five in February last year.
Sydney's 2016 weekend clearance rates have mostly sat above 70 percent, compared to the low 50s of late last year, and the 80 percent record levels this time last year.
The big test comes today with the traditional pre-Easter Super Saturday bumper auction offerings.
But what has been noticeable in recent weeks have been the anecdotal reports from auctions showing higher bidders numbers.
An original condition 1940s Curl Curl fibro cottage sold at $1.933 million with 11 registered bidders, young families versus owner builders.
After the strong $1.7 million opening bid for 40 Bennett Street, there were five active bidders for the property last sold for £3,500 in 1953.
It was downsizers who completed at Cremorne Point for a three-bedroom triplex garden apartment that fetched $4,065,000. The recent McGrath auction saw 10 parties raise their bidding cards after the $3.1 million opening bid. There had been a $3 million to $3.3 million auction price guide.
A strong auction result at 7 Doris Avenue, Earlwood came after 25 registered bidders turned up at its recent auction. Just four took part before it was knocked down at $1,340,000 to locals who plan to renovate. Auctioneers Rocky Bartolotto, from Auction Services, took a $950,000 opening bid on the three bedroom brick home sitting on a 417 sqm block size.
Not all regions are experiencing the same trend, according to CoreLogic RP Data, highlighting the right method of sale is a extremely important decision. 
Sydney’s strongest performing sub-regions currently stand at Ryde, with 86 percent selling, the Eastern Suburbs at 84 percent and the Inner West at 78.6 per cent. The three weakest regions have been Blacktown, Parramatta and the Hawkesbury for auctions.
But the momentum in some suburbs will catch some agents are giving ridicously low price guidance to buyers. Right at the time when NSW Fair Trading is holding a rigorous underquoting audit with inspectors currently looking at published advertisements and the estimated selling prices contained within agency agreements.  
More importantly they are also reviewing and considering the comparative sale price evidence utilised in developing their estimated selling price.
This means agents must be wise to all the recent sale prices in their patch. 
The early 2016 market rebound has meant underquoting has returned as an issue as in the first seven weeks since the laws were introduced, Fair Trading received 68 complaints. 
"Complaints are from named individuals, anonymous complainants and other real estate agents," a department spokesperson said.
This article was first published in the Saturday Daily Telegraph.
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Bidding numbers at auction suggest surprise price growth for some suburbs

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It was 1994 when Claremont, the seven bedroom 1886 Burwood, Sydney landmark residence, last sold for $790,000.
Some 21 years later Claremont was listed by Stan Bailey from Bailey Joinery. He's well known for his quality joinery work of period style homes throughout Sydney.
The conservation of the original features of the home has been the main focus of his work over many years.
The two-storey Victorian residence sold through Matthew Nolan at Rich &amp; Oliva Croydon at weekend onsite auction at <a href="https://www.realestate.com.au/property-house-nsw-burwood-121309278" target="_blank">2 Ethel Street Burwood</a> for $4,325,000.
It is a tightly held home having previously traded when sold in 1980 to the office furniture supplier Barry Bowerman for $285,000.
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