Mixed Bag - 55% Clearance Rate but still 13 properties over a million bought in the week

Mixed Bag – 55% Clearance Rate but still 13 properties over a million bought in the week

BY Stephen Pisani 29th May 2010

Elsternwick 8 Elster Avenue: Strong crowd (80) witnessed 5 bidders and a bought under the hammer price of $1,417,000. Bill Stavrakis.

Of the 5 homes we reported on today, 3 passed in and the other 2 were bought under the hammer. Yes inconsistent, like your footy team winning a big match and then next week losing to a lower team.

Not sure where we are going in Glen Eira. Yes prices are easing under the strain of so much stock and these suburbs have traditionally been fringe $Million Melbourne; so in the past any sign of market stress has seen the number of sales over a million plummet; and today we are seeing market stress BUT no diminishing sale numbers with 13 homes over that magic $M number transacted in the last week.

I think it’s a time for caution on the less than perfect homes as your competition may just be you; but if you are on a goodie you can still expect a very strong fight.

Glen Eira $Million Auction Rates - 18 monitored – 10 bought – 55% clearance rate

		Passed In	Bought	Not Reported
CARNEGIE	69b Woornack Road	850,000
MCKINNON	9 Harold Street	880,000
BENTLEIGH EAST	20 George Street	900,000
ORMOND	5 Blackshaw Street	950,000
ELSTERNWICK	60 Allison Road	1,810,000
BENTLEIGH	14B London Street	Undisclosed
BENTLEIGH	5 Whitmuir Road		880,000
BENTLEIGH	5 Somers Street		Undisclosed
BENTLEIGH	15 Daley Street			Not Reported
BENTLEIGH	13 Scotts Street			Not Reported
BENTLEIGH EAST	71 Victor Road		Undisclosed
CARNEGIE	32 Belsize Avenue		Undisclosed
CARNEGIE	9 Margaret Street		1,160,000
CAULFIELD	215A Kambrook Road		Sold Before
CAULFIELD SOUTH	13 Royal Parade		Sold Before
ELSTERNWICK	8 Elster Avenue		1,417,000
ELSTERNWICK	37 Parkside Street		1,240,000
MCKINNON	16 McKinnon Road		Undisclosed