Melbourne summer market heating up, Australia Day auctions ready
84 Michael Street, Rye, was one of the first beachside properties to land a sale this year.
Melbourne’s auction market is heating up and expected to go from strength to strength from this weekend.
Just 64 auctions are scheduled across Victoria this week, before that number jumps to about 144 the following week, according to realestate.com.au.
EYS Auctions managing director Fabian Sanelli said the 2021 auction market was yet to properly kick off, but the Australia Day weekend was “exploding” with back-to-back auctions.
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“We’ve already got twilight auctions booked in and then I’ve got nine auctions scheduled for the first full Saturday of the year, on the 23rd,” Mr Sanelli said.
“Anything with a ‘for sale’ board is virtually already gone. Victoria as a whole has had a shortage of real estate stock the past few months, but the market is absolutely flying — I’ve never seen it like this.”
He said the “ferocious” buyer activity was forcing agents to turn away even the strongest early offers in the hopes of drawing competitive bidding on auction day.
“I would be gobsmacked if every auction I have in January doesn’t sell under the hammer,” Mr Sanelli said.
34 Ridley Street, Blairgowrie, is set for auction over the Australia Day long weekend.
Agents say more buyers than ever are showing interest in coastal properties.
Strong private sale results have already been recorded this week, including the sale of 84 Michael Street, Rye, which was snapped up for an impressive $1.1675m, well above its $1.025m asking price.
Crowders director Sam Crowders said the sale of the three-bedroom “fun house” – with its own indoor skate ramp and split living zones – came down to a “bidding war” between three parties.
“We had first launched it in December and were surprised it didn’t sell in the lead up to Christmas, but by the first week in January we were getting strong interest.”
84 Michael Street, Rye, is set to be a holiday home for the new buyers.
A spacious deck for entertaining.
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He said the sale was an indication of the growing demand along the Mornington Peninsula and the market would continue to ramp up in coming weeks.
Hocking Stuart Belle Property Rosebud director Grant McConnell said the Australia Day auction weekend was also traditionally the “biggest” day for Victoria’s coast, with beachside properties slated to sell in Blairgowrie, Safety Beach and McCrae.
59 Dromana Parade, Safety Beach, is already getting lots of interest.
Many buyers are looking to the coast for a sea change this year.
He said 59 Dromana Parade, Safety Beach, was already shaping up to be a promising auction on January 30, with multiple parties showing interest in the three-bedroom home.
“About 85 per cent of our buyers are out of area and COVID-19 has definitely pushed more people toward the lifestyle down here,” Mr McConnell said.
“It’s showing no signs of slowing down.”
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