First-home buyers and young professionals battled it out at auction for a family house in Melbourne’s inner north last weekend, which sold under the hammer for $1.505 million despite cooling auction conditions around the country.
Two bidders competed for the three-bedroom house in Brunswick West on Saturday, marking one of the 354 auctions in Melbourne last week.
Local agents say quality properties that are priced correctly continue to attract competition and sell, while less attractive properties are struggling to stand out.
While the local real estate market remains price-sensitive, agents say there are early signs of confidence starting to come back into the market as buyers take advantage of the cooler conditions.
Auction activity has been softer across Australia since interest rates began to rise earlier this year, with the national preliminary clearance rate reaching 43.9% out of 1,305 auctions held last week, according to PropTrack.
The property: The three-bedroom, two-bathroom house at 11 Shamrock Street, Brunswick West sold at auction for $1.505 million on Saturday 4 July.
The house at 11 Shamrock Street, Brunswick West sold at auction for $1.505 million. Picture: realestate.com.au/sold
Suburb snapshot: Brunswick West is an inner-city suburb of Melbourne, located six kilometres north of the CBD.
Brunswick West’s median house price has increased 0.8% to $1.31 million during the year to June, according to PropTrack.
The open living and dining area flows out to an outdoor entertaining area. Picture: realestate.com.au/sold
Selling agent Carl Sacco of Nelson Alexander – Brunswick oversaw the campaign and spoke to realestate.com.au about the result.
What happened during the campaign?
We had strong numbers through the campaign, with more than 50 groups inspecting, a couple of building inspections, and two or three serious buyers following it all the way through.
What types of buyers did you see during the campaign?
We saw a lot of first-time buyers and young professionals.
The stone-top kitchen is finished with a walk-in pantry, Blanco cooking appliances and Bosch dishwasher. Picture: realestate.com.au/sold
What happened during the auction?
We opened on a vendor bid at $1.4 million. Two bidders took it up in $10,000 and $5,000 rises to $1.5 million, and we ended up selling for $1.505 million.
There were two active bidders on the day and another two who turned up but didn’t end up bidding, with around 60 people in attendance.
Were you surprised by the results?
No, the result was in line with our expectations. We were always thinking somewhere in the mid‑$1.4 million to around $1.5 million range.
Two bidders fought for the three-bedroom home last weekend. Picture: realestate.com.au/sold
What's happening in your market at the moment?
In Brunswick and Melbourne’s inner north, good properties that are priced correctly are still selling well and attracting competition.
More compromised properties are finding it a bit tougher, but they're still selling, and we're still moving most of our stock.
The house comes with three bedrooms, with the main bedroom having its own walk-in robe. Picture: realestate.com.au/sold
The apartment market is stronger than it has been in the past, with a lot of first-home buyers and young professionals out there actively buying.
Predictions for the area?
It feels like confidence is starting to come back in the inner north, and we’re seeing better numbers than we have in the recent past.
The property has a substantial backyard with established gardens and a large storage locker. Picture: realestate.com.au/sold
The market is still price-sensitive and it’s not going gangbusters, but it does feel like it’s growing again and there’s more confidence around.
What's your top tip for sellers?
Right now, sellers should be looking for an agent or agency with really strong relationships with buyers.
What's your advice for buyers?
This is the market buyers have been waiting for. I’ve been in real estate for 25 years and it’s a genuine buyer’s market.
You can’t pick the bottom until it’s passed, and at some point people will look back on this period and ask themselves why they didn’t buy.
My advice is to take the opportunity while it’s there.
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