Market Wrap Up

Despite a four-week run of clearance rates below 50 per cent, some stellar auction results are still emerging across Melbourne.

Homes in need of a renovation were the leading lights last week, when a preliminary clearance rate of just 48.3 per cent across 1141 auctions was recorded by CoreLogic.

This figure was up slightly from the week before, which had a 45.7 per cent success rate across a mere 266 auctions as the market paused for the unofficial Melbourne Cup weekend.

If last week’s final result hangs below the 50 per cent mark it will be a month-long dip which has not been seen since 2011-2012.

Industry Insider director Andrew Date said properties in A-grade locations, even if in need of a renovation, were still attracting the impressive prices Melbourne was once known for.

“The market may have slowed but in sought-after locations the action is still heated and there are definitely genuine buyers active in the market.”

Melbourne’s most impressive sale was notched in Glen Iris, with an old-fashioned four-bedroom house selling for the first time in its 97-year history.

The property at 29 Dorrington Ave was built in 1921 and passed down through generations of the one family.

It had two young families compete for the keys which pushed the price $150,000 past reserve.

Its $3.85 million sale price was Melbourne’s top result for the weekend.

Auction numbers are expected to jump back up a little this week, with 1319 scheduled across Melbourne.