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Another fantastic auction result!

Melbourne auction results: million-dollar development site in Oakleigh South

A developer paid $1.115 million for 16 Cleek Ave, Oakleigh South.

A developer paid $1.115 million for 16 Cleek Ave, Oakleigh South.

CLEARANCE RATE: Record week for sellers and buyers

CLEARANCE RATE: Record week for sellers and buyers

DEVELOPMENT potential in Oakleigh South pushed a dated brick home to $1.115 million on Saturday.

It was one of 1600 properties that faced the auction block, according to CoreLogic RP Data.

The preliminary clearance rate hit 78.5 per cent despite the surge in auction numbers.

Seven bidders competed for the Oakleigh South property, including two developers attracted by lower prices than surrounding suburbs.



Land value was the main attraction at 16 Cleek Ave, Oakleigh South.

Land value was the main attraction at 16 Cleek Ave, Oakleigh South.

The winning bid at 16 Cleek Ave came from a developer looking for better value than that offered in suburbs such as Bentleigh and McKinnon, according to Harcourts Mt Waverley director Martin Giles.

The three-bedroom home has dated green carpet and patterned wallpaper, but it was the potential of the 860sq m block that drew in the buyers.

Seven bidders competed for the three-bedroom home at 16 Cleek Ave, Oakleigh South.

Seven bidders competed for the three-bedroom home at 16 Cleek Ave, Oakleigh South.

“We’re seeing a lot of developer and builder activity in the area,” Mr Giles said.

The buyer planned to build multiple townhouses on the Cleek Ave property, he said.

He could not disclose the reserve price, but said he had expected the home to sell in the $950,000 to $1 million range.


Auction Action!

Please click on the link below to see our auctioneer and the team at Harcourts Mount Waverley in action at one of our auctions!


Market Update - Property Management

Over February 2015, the vacancy rate in Melbourne tightened to 3.0 per cent from 3.1 per cent in the previous month. The median rent for both houses and units in Metropolitan Melbourne remained the same at $400 and $395 respectively during the same period. The inner suburbs experienced a further tightening in vacancy rates to 2.9 per cent over the month, as rents for houses in the inner suburbs fell by 1.8 per cent. Both the inner (0-4km) and inner (4-10km) regions experienced decreases during the month. The vacancy rates in the inner (0-4km) region fell to 3.9 per cent from 4.2 per cent in the 

previous month, while the inner (4-10km) region declined to 2.7 per cent from 2.9 per cent for the same period. Median rent for the inner suburbs fell to $560 in February 2015, from $570 in the previous month.

The middle suburbs experienced a flatter rental market over the month, with vacancy rates and rents for houses remaining stable over February 2015. Although the vacancy rate remained flat at 3.5 per cent, it is 0.5 percentage points higher than its value last year (3.0 per cent). The median rent for houses remained stable at $400 while median rent for units fell slightly by 0.4 per cent over the month.

Vacant space in the outer Melbourne rental market increased, with the vacancy rate increasing to 2.2 per cent in February 2015 from 1.9 in the previous month. The median rent for houses remained stable over the same period, with the median rent for units increasing by 0.2 per cent.

Vacancy rates in Regional Victoria tightened to 2.1 per cent during the month of February 2015, from 2.2 previously. Of the three major regions, the vacancy rate for the Geelong region fell the most, to 3.2 per cent from 3.4 per cent for the same period and has been tightening for the past five months. The vacancy rate in the Geelong region is at its lowest level since April 2013. Vacancy rates in Bendigo and Ballarat experienced declines as well, to 2.7 per cent and 2.6 per cent Respectively. (Information source REIV).

At Harcourts in Victoria our vacancy rate was 2.8% at the end of February. This figure is down from 3% in January and again below the industry average for the month. The average arrears rate for the group had crept up to 3% in December which is on trend for that time of year. At the end of January our average was back down to 2.8% and at the end of February was 2.6% which is a good result. The improvement is good but still needs work so that we sit below the industry best practice rate of 2%. Many offices have achieved arrears rates below 1% with several maintaining a 0% rate for tenants 7 days and over. Well done to those offices, a great achievement. If your arrears rate is over 2% please put a big focus on improving this figure so that we can get the state average down.Please add your content here.

What A Result!

A WHEELERS Hill home resembling a construction site, with bare beams and no plaster on the walls or ceiling in three rooms, has sold for a whopping $230,000 above the reserve.

Part of the unfinished house. Picture: Supplied

Despite its half-renovated state, the 1970s brick house whipped up a frenzy at auction on the weekend, fetching $780,000 after a tough bidding war.

The result for the three bedroom, two bathroom house at 50 Marykirk Drive shocked the selling agents after 59 bids were made.

The street was blocked off as 150 to 200 people attended the mortgagee auction of the 652sq m property.

It comes after the best auction market results across the nation’s capital cities in five years and Melbourne’s biggest Saturday in February on record.

The previous owners of the Wheelers Hill property had only partially started renovations and Martin Giles, Director of Harcourts Mount Waverley, said the selling price was “amazing”.

Interested buyers were forced to inspect the house without the power on and the windows boarded up, but the dilapidated state failed to dent enthusiasm.

“It was in very poor condition and knocked around, we were hoping for somewhere around the sixes,’’ he said.

“It’s astonishing. There was very, very strong competition for the property and spirited bidding.

“We are seeing demand in the whole of Monash outstrip supply.”

The buyers, an Asian family, intended to demolish the house and rebuild, he said.

50 Marykirk Drive, Wheelers Hill.

“People see a lot of potential here, it’s a nice part of Wheelers Hill,” he said.

Across Australia, the auction market is showing signs of heating up, with a preliminary clearance rate of 77.1 per cent, compared with 70.2 per cent this time last year, according to CoreLogic RP Data.

In Melbourne, the preliminary clearance rate was 76.5 per cent, compared with 75.8 per cent last week and 67.3 per cent this time last year.

Victorian housing expert Robert Larocca said the auction market was very strong, with selling conditions similar to autumn 2010, the strongest part of the last growth spurt.

He believed the most recent interest rate drop was driving more people into the market.

“They are very encouraging signs, particularly for people who have listed homes in the next month after the coming long weekend,” he said.

“It’s a very healthy market.”

50 Marykirk Drive, Wheelers Hill.