16 York St, Glen Waverley, sold in a marathon auction that surged $450,000 past expectations.
Victoria has ended winter with its strongest sellers market in more than two years, with a tennis ace among those scoring big yesterday.
But there are pockets where buyers are still in control, especially in Melbourne’s west, with PropTrack data revealing the areas where they were most in control in August.
The firm’s records show more than 1000 auctions were scheduled across the state for the past week, and Melbourne notched a preliminary clearance rate of 72 per cent from 794 results yesterday.
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Among the more notable was the Glen Waverley home of late tennis ace Will Coghlan whose career included a semi-finals appearance at the Australian Open and coaching Pat Cash.
Yesterday, the four-bedroom house he built at 16 York St in the 1970s was sold for $2,650,500 in a “five setter” tennis match between seven families who served offers as low as $500 in the 267-bid marathon.
Jellis Craig’s Calvin Huang said the “smashing” result was more than $450,000 above the Coghlan family’s “dream price”, while the next owner was planning to demolish and could spend up to $2m more on a new house to replace it.
Late owner, and ex-Aus top 10 tennis player Will Coghlan’s home sold for a surprising sum.
“I think it’s a very good sign for the rest of the market,” Mr Huang said.
“It’s a really great result, given another similar sized home in Glen Waverley recently only sold for $2.05m.”
But on the other side of the city, separate PropTrack data shows the clearance rate for Truganina in Melbourne’s west sank as low as 17 per cent in August.
In Roxburgh Park to the north it failed to crack 30 per cent, and only a third of homes that tested the market in Mentone scored a sale.
Buyers were also in a strong position in Box Hill North, St Albans, Caroline Springs and Maidstone, where the clearance rate failed to top 40 per cent some weekends.
PropTrack economist Anne Flaherty said while broader Melbourne was showing positive signs for sellers, the local data showed there were still areas where buyers could exert greater control.
PropTrack economist Anne Flaherty said Melbourne buyers and sellers alike need to pay attention to local clearance rates as the city heads into spring.
“It really brings home the point that prospective buyers need to be looking at clearance rates in the area they are looking to buy a home in,” Ms Flaherty said.
She added that for vendors in such areas, it was also worth considering alternative sales methods.
“If you are in a situation where you may only get one bidder for a property, that will tell the buyer that is the case,” Ms Flaherty said.
However, as spring kicks off the economist said there was a good chance the clearance rate could rise in areas that had been more buyer friendly as rising competition was likely to spill over from more successful neighbouring areas.
“We are likely to see a fair amount of change in spring,” Ms Flaherty said.
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