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Records tumble as auctions boom

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  • Records tumble as auctions boom

    Records tumble as auctions boom

    Tony Rindfleisch, Key editor

    October 07, 2007 12:00am

    AUCTION fever returned to Victoria yesterday as big crowds saw record prices in several suburbs.

    More than 730 properties went under the hammer, with no end in sight for this year's booming market as the clearance rate hit a solid 84 per cent.

    Last week's AFL Grand Final -- one of the biggest brakes on the auction market -- was pushed into the background as home buyers refocused.

    Records were broken in Elwood where a dilapidated Edwardian house on 510sq m sold for $1.52 million.

    Agent Selwyn Meltzer, of TMB Sales, said the first bid hit the reserve of $900,000 and then five other bidders "went bananas".

    The story was the same in Windsor where a 1930s two-bedroom house on a 150sq m block sold for $712,000 -- 58 per cent above its reserve of $450,000.

    Agent Philippe Batters, of Williams Batters, said 13 bidders battled for the property at 49A Upton Rd, Windsor.

    In Reservoir, an old house on 1000sq m at 13 Kenilworth St sold for $860,000 -- $200,000 above reserve.

    In Williamstown, former AFL players Mark Hunter (Bulldogs) and Gerald Betts (Richmond and Collingwood) competed for a four-bedroom house opposite the bay.

    Agent Craig Stephens, of Jas H. Stephens, said Hunter, a professional punter, bought the property at 74 Morris St with bay views for $1.78 million after it had been quoted at more than $1.5 million.

    Results were similarly impressive in other bayside suburbs, where 6 Daley St, Elwood, sold for $1.63 million against a reserve of $1.4 million.

    Agent Eliza Billich-Wilson, of Century 21 Wilson Pride, said the shortage of supply was pushing frustrated buyers to pay higher prices, especially if they had been outbid in previous auctions.

    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx