Clifton Hill 40 OGrady: Bought under the hammer for $1,190,000. 3 bidders. Craig Shearn moving proceedings along.

Well, after a few weeks of modest bidders numbers I think its fair to say that the market is softening in the inner city.

Softening in terms of bidder depth (bidderman at 1.7) and a much higher degree of buyer discretion.

Russell Cambridge of Biggin and Scott said:  “whilst bidder numbers and open attendance numbers are falling this is normal as we move into the winter months” and “despite the reduction in bidder numbers we are not seeing a reduction in price as demand is still quite healthy” this is no doubt backed up by the fact Biggin and Scott Richmond sold 6 out of 6 today.

Clifton Hill was equally as strong with most properties selling well. 4 Dywer Street, (Roland Patterson of Nelson Alexander) a two bedroom single front, sold for $895,000, with 4 bidders,  a strong result and an argument to say prices are still appreciating slightly in that area. Conversely 40 O’Grady Street (Nicolas Corby of Jellis Craig) a three bedroom single front with all the right attributes sold for $1,190,000, 3 bidders, now that is good buying and could suggest that prices are softening in that area.  These properties are only a few streets from one other, Conclusion….?

Tom Roberts of Nelson Alexander had a big one today at 571 Canning Street, Carlton North. 200 people turned up to watch this grand terrance go under the hammer. Bidding opened at $2,500,000, and two bidders moved it slowly to $3,250,000 at which point the property was passed in. Mr Roberts sold 5 from 6 today and indicated that market is hot and warm depending on price points.

Inner (Yarra) Auctions

Inner Melbourne (Yarra) – 11 monitored – 8 bought – 73% clearance rate

Know your market

Richmond 22 Stawell: Passed In $900,000. 2 bidders. Scott Patterson, Clayton Smith and Hayden Reed in action.