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Monday, December 2, 2013

SATURDAY AUCTION WRAP - 30 NOVEMBER 2013

Although our “on the day” clearance rate fell this weekend, our overall auction clearance rate remains steady, as the post auction sales continued through the week.

Out of the three offered on Saturday, our under the hammer highlight was at 23 Holdsworth Street, Fremantle, where a piece of Fremantle’s history - and still on a “purple title” - went under the hammer.

Believed to have been built around the turn of last century, No. 23 Holdsworth Street is part of a row of terraces originally constructed to provide accommodation for warders stationed at the adjoining Fremantle prison. If only those walls could talk!


One tactical buyer put himself in the best position to buy here with a combination of bidding and negotiations during the auction culminating in a winning bid of $560,000 which saw the property knocked down - much to the disappointment to the buyers in the crowd who couldn’t make auction conditions.

Trends? Always hard to pick on a weekly basis. Perhaps in some cases, eg for properties disadvantaged by location, supply & demand etc, there’s a need for price expectations to be reasonable in order for a buyer to see opportunity.

Melbourne’s The Age newspaper made the following comments after this weekend’s results - and I think some of this pertains to our marketplace:

“The supply of housing stock in Melbourne is growing quickly, giving home buyers greater flexibility to reject B-grade and over-priced properties. B-grade houses and units (unrenovated, on main roads, or near commercial areas) come second at the best of times, but in this market, which is top-heavy with a pre-Christmas rush of stock, they need to offer fair value to sell.

A key market trend seen since October - fierce competition for A-grade properties, but lackluster interest in properties seen to have faults - appeared to intensify on Saturday.At many auctions, buyers steadfastly ignored the properties on offer, and these were passed in on a vendor bid. But other properties were fought over, attracting six or more bidders.”As usual, however, our Auctions are still providing our sellers with the best way of identifying exactly where the market sits - from there it’s their decision."

And for buyers - we can’t urge you more strongly to get yourself into a position to act. We can help with flexibility in relation to the amount of the deposit required and when the settlement takes place - we just need to know what suits!

Until next weekend,

Phil

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