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Victorian auction market done for 2023, hammer down until February

By Mo Zeitouneh

Victoria’s auction market wrapped up for the year this weekend with just enough heat left in it to gift a sale to most of those hoping for one under the hammer.

Preliminary PropTrack figures show the state recorded a 62 per cent clearance rate from 874 reported results yesterday, though 1387 auctions had been scheduled.

Next week there are just 329 homes expected to test the market, and with most of them midweek next Saturday, December 23, will be one of the quietest of the year for live sales.

PropTrack economist Anne Flaherty said with even lower numbers in the coming weeks the year was now essentially over for sales under the hammer.

“The auction numbers are typically very low over the first half of January and in the second half they start to pick up,” Ms Flaherty said.

Numbers might not top 500 again until February.

The economist added that a key driver for market confidence in the new year would be inflation figures for December due out in January. A rise in inflation could be a warning sign the Reserve Bank will hike interest rates in February.

53 Pope Road, Blackburn, was among the top auction results for the week after is sold for $2,430,500.

50 Cumberland Drive, Maribyrnong, was also among the week’s top sales at $2.41m.

“That could have a detrimental impact on the confidence of both buyers and sellers,” Ms Flaherty said.

“But if they hold steady it could drive up confidence and buyer demand.”

Among the best results yesterday was for 60 Dent St, Glen Iris, where the vendor’s had disclosed their $2.15m reserve for weeks ahead of their planned auction only to have a buyer from overseas video inspect the home just 30 minutes before it went under the hammer and drive the property to a $2.472m sale.

60 Dent St, Glen Iris, sold more than $300,000 above its reserve.

23 Withers St, Albert Park, sold for $2.45m under the hammer.

Belle Property agent Tony Doh said the last second buyer had bested four other groups.

Ray White chief auctioneer Jeremy Tyrrell said he expected a quieter week ahead could work in the favour of sellers trying for a last chance deal, with less choice for buyers likely to compress demand onto those homes available.

“I have eight auctions on Monday night in Truganina,” Mr Tyrrell said.

“And I’m even calling one auction on December 23.”

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