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Market stays hot amid strong weekend selling

By Mo Zeitouneh

The weather might be getting colder but the property market is still hot, with the Real Estate Institute of Victoria predicting 1330 properties would go under the hammer this week.

After a number of knockout auctions on Saturday, realestate.com.au reported a preliminary clearance rate of 74 per cent from 531 reported results and 393 sales.

Despite this, REIV president Richard Simpson noted that more buyers were scoring properties after passing in at auction.

13 Fintonia St, Hughesdale sold for $1.626m at auction on Saturday.

The weather might be getting colder but the property market is still hot, with the Real Estate Institute of Victoria predicting 1330 properties would go under the hammer this week.

After a number of knockout auctions on Saturday, realestate.com.au reported a preliminary clearance rate of 74 per cent from 531 reported results and 393 sales.

Despite this, REIV president Richard Simpson noted that more buyers were scoring properties after passing in at auction.

A two-bedroom villa in Brunswick sold for $788,000 at auction on Saturday.

The retro-style living room at the Brunswick pad.

It also features a private courtyard.

“Buyers are thinking that they might be able to get something a little bit cheaper than what (properties) are advertised as,” he said.

“People are also wanting to get deals done before interest rates likely rise by next Tuesday.”

But Mr Simpson added that low stock levels were helping to keep prices afloat.

“The stock levels tend to come off a bit and the buyers are still there,” he said.

“That generally tends to support prices in some respects because the stock levels aren’t great.”

Buyer’s advocate Matt Cleverdon, who helped his clients buy a two-bedroom villa in Brunswick on Saturday, echoed this sentiment.

“The lack of stock is keeping prices pretty buoyant in better areas,” he said.

‘Buyers are also becoming more patient and are happy to wait out for the right home.”

Three bidders fought for the modern villa at 4/67 Blyth St on Saturday, which was called on the market at $695,000.

Bidding quickly escalated by more than $90,000, resulting in a $788,000 sale.

The backyard at 13 Fintonia St — perfect for a family.

One of the spacious living rooms in Hughesdale.

The buyers have been renting next door to the vendors and are good friends. Vendors pictured with the lucky couple and one of their children.

The unit, located in the heart of Brunswick, was initially listed by Nelson Alexander Brunswick agent Andrew De Angelis and had a $650,000-$700,000 price guide.

Over in Hughesdale, three bidders also vied for the keys to a four-bedroom Californian-style bungalow.

Originally listed for $1.5m-$1.6m, then 13 Fintonia St property sold under the hammer for $1.626m.

“The owners had been here for 30 years and the buyers were actually the family who had been renting next door,” Ray White Carnegie agent Jin Ling said.

“The two families are great friends, with the children often running between the two houses … it was actually a really special moment.”

source: rea.com.au

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