The Essendon home in Tennyson Street sold for $1.1 million after passing in on a $1 million bid.
Harrison said a new trend was emerging of homes selling either within, or at the top end of, the price range. The sale comes four days after the Reserve Bank raised interest rates for a third time and agents say the rises are now affecting buyers at the more affordable end of the market.It was one of 544 auctions scheduled in Melbourne on Saturday. By evening, Domain Group recorded a preliminary clearance rate of 54.5 per cent from 393 reported results, while 59 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
“We’re still seeing properties sell at the top end of the range, but with all the uncertainty in the market, buyers are unwilling to bid aggressively,” Harry said. The bidders who made that offer refused to up their bid during negotiation and it became a competition between the remaining bidders, Jellis Craig Port Phillip director Warwick Gardiner said.
On the other side of the city, in Langwarrin, it was a different story when a home sold under the hammer for $1.995 million – $145,000 above the reserve. The buyer was a downsizer who wanted to spend time with her grandchildren.
1/3 of Melbourne homes are empty. Don't buy sh1t until they are half their current cost. Stop being stupid.