Sydney Today, March 3, Australian Eastern Time, Victorian Real Estate Research Institute reported that: Melbourne’s auction market had a clearance rate of 26% in 776 auctions this week. The real estate market is developing slowly and steadily, and the momentum is slightly insufficient.

The Northeast region had the highest auction clearance rate at 79%, with 47 properties sold in 37 auctions. However, the largest number of transactions was in the Southeast, with 91 properties sold in 59 auctions, with a clearance rate of 65%. Agent Frankie Jayne of the Barry Plant real estate agency that sold Brighton mansion Irwell before the auction last month pointed out that the property market in the southeastern suburb of Central is beginning to recover.

Jayne said: “A lot of home buyers who wandered at the end of last year said they would wait and see how the real estate market develops. They will buy homes in February and March this year. Now they have begun to act. People began to pay attention to the properties that were listed last year."

Although Jayne was reluctant to announce the price of Irwell, a Victorian Bay villa built in 451 at 1888 Bay Street, its offer was between A$165 million and A$180 million, and it was successfully sold within two and a half weeks of listing.
Buxton's agent Leigh Hallamore successfully sold the highest-priced property this week, located at 8 St Ninians Court. Leigh pointed to signs of recovery in the high-end market.

Hallamore said: “There are a lot of properties for sale, but many of them have big discounts, but the current status of properties around $100 million is not bad. Sellers realize that: either follow the market or exit the market. See auction I am really encouraged by the number of people attending and the speed at which people make purchasing decisions."

Olympic athlete Raelene Boyle sold her property at 13 Greville Street in Prahran, and many property observers expect the property market in the area to rise. Boyle's single-facing double-storey apartment was sold through Biggin & Scott auction for A$86.

Yesterday, 8 sets were sold in 7 auctions held in Prahran, one of which was sold for A$92.1 before the auction. Frank Valentic, a home purchase consultant for Advantage Real Estate, pointed out that first-time home buyers are still hesitant due to the uncertainty of interest rates. Valentic said: "If the interest rate changes a few more times, and the bank will'behave well,' those first home buyers will return to the market.

But he also noticed that there is still a discount. An investor bought a two-story modern art-style two-storey apartment at 385 Barkly Street in Elwood last Saturday for $108.5 million. Each unit has two For a half-bedroom, the rent is nearly A$500 per week. In April last year, a similar double-storey apartment at 25 Lalbert Crescent in East Prahran sold for $180 million. And the latter has an area of ​​490 square meters and a smaller house, with a weekly rent of 400 Australian dollars per unit.

Since next week is the beginning of the school holiday and the last week before Easter, the number of real estate auctions reached 1050, so all observers are looking forward to the auction results next week. (Wendy)

Original: http://smh.domain.com.au/real-estate-news/auction-rate-strategy-worth-the-wait-20120326-1vtbf.html