This was published 13 years ago
Grand final part two creates new challenge
WHILE the (first) 2010 AFL grand final drew most people away from the property market, those still in the game faced tougher competition at the fewer auctions held.
Buyer activity was concentrated on the 65 auctions that took place, with 52 of those properties selling either before, at or after auction. There were also 456 private sales reported.
Only seven million-dollar properties were auctioned at the weekend, of which only one was passed in: 27 Townsend Street in Glen Waverley, for $1.02 million.
The only property listed for sale above $2 million was 61 North Road, Brighton, which was sold by private sale for $2.6 million.
It had passed in at $2.5 million at its September 11 auction, before a sale being negotiated, with three parties retaining interest, according to J. P. Dixon's Nick Johnstone.
''It was a funny weekend because of the grand final, but there was still strong competition, so it was a good week,'' he said.
On the other side of the spectrum, one of the cheapest sales was 2 George Street, St Arnaud, which went under the hammer with three bidders for $75,000.
Kearnan & Co's Barry Kearnan, who sold the property, said the market had been ''just a little sticky and hesitant over the last few months''.
''Sales have been happening but there is not a lot of life in the market yet,'' Mr Kearnan said.
Nelson Alexander's Michael Keogh said houses were achieving ''fairly good results'' considering the number of large auctions that had been held this year.
''It will be interesting to see how spring turns out as we haven't really had a clear run yet.''
And with the grand final rematch and about 580 auctions scheduled, the coming weekend will be a big test for the property market. While major events and public holidays can reduce stock levels, JPP Buyer Advocates' Catherine Cashmore said it was wrong to assume no one attended open-for-inspections or auctions on a final day.
''The ones I attended had queues forming outside.''
Ms Cashmore said properties such as 64 Victoria Road, Hawthorn, illustrated ''what a good investment property can be''. Four years ago, it sold for $837,000. At Saturday's auction it fetched $1.45 million under the hammer.
Ms Cashmore said auctions held on a grand final day could work to the vendor's advantage.
''There is little competition from other homes clashing with the auction times, and buyer activity is more concentrated around the few listings available,'' she said.
Nevertheless, she is expecting ''a few vendors watching TV in the back room and buyers listening to the radio as auctions take place on Saturday''.
■ Auction numbers fell at the weekend but competition was intense.
■ Of the 65 properties auctioned, 52 sold.
■ Agent describes regional market as ''a little sticky and hesitant.''