Big private results show falling auction market isn’t only way

18/67 Brumbys Rd, Carrum Downs - for herald sun real estate

18/67 Brumbys Rd, Carrum Downs, sold $45,000 above its asking price in five days.

A falling clearance rate means more homes are set to sell via private treaty, but a leading agent in the field has revealed it could deliver big results in a fraction of the time.

Realestate.com.au calculated a 76 per cent preliminary clearance rate from 534 results in Victoria, but had forecast up to 1319 auctions across the state.

The state’s average clearance across the first three months of the year was 83 per cent.

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This week they have 1068 on the calendar and figures aren’t tipped to top 1000 again in the following fortnight.

OBrien Carrum Downs’ Michelle Stevens has notched 270 sales worth more than $224m from 293 listings this financial year, “99 per cent of them” private sales.

One of her latest, at 18/67 Brumbys Rd, Carrum Downs, sold in just five days for $705,000 —$45,000 above its asking price.

18/67 Brumbys Rd, Carrum Downs - for herald sun real estate

18/67 Brumbys Rd, Carrum Downs, took just a few days to change hands earlier this month.

Days before that deal, she sold a house at 22 Stefans Court, Skye, for $1.178m after 21 offers were made for the home listed for $900,000-$990,000.

With a deflating clearance rate leading to more sales before and after auctions and rising interest rates likely to leave more buyers wanting to make offers subject to finance, Ms Stevens said private sales were positioned to keep “getting amazing money”.

The trick for vendors was to make sure their home stood out, even just by adding some fresh paint or new carpets.

“Private sales can take months or days, and most of that is presentation — spend a bit of money to make sure you get the best price,” Ms Stevens advised.

22 Stefans Court, Skye - for herald sun real estate

22 Stefans Court, Skye, sold more than $200,000 above its range without an auction.

Looking back to when she started in the industry 12 years ago, just ahead of the last time interest rates rose, the she added the next best way to give yourself an edge was to ask your agent how they would qualify a buyer and get them to your home quickly.

Refreshed carpets and paint also paid dividends at a Bundoora auction last weekend, with the 25 Silky Oak Drive home selling $101,000 above its reserve.

Barry Plant North Eastern Group auctioneer Michael Egan said bidding started at $900,000, but with five groups in the race it quickly topped the $1.1m reserve before rising to $1.201m.

Mr Egan said he hadn’t had a sale soar six-figures past it reserve since March and that “it was nice to have one of those again”. 

“But if you look across Bundoora, there’s been nothing like this quality for sale for a couple of months,” he said.

25 Silky Oak Drive, Bundoora - for herald sun real estate

25 Silky Oak Drive, Bundoora, sold for $1.201m in a busy Saturday auction.

Vendor Mark Fitzpatrick said the sale was a relief after watching the market for the past few weeks.

“We’re just glad we could get what we got to be honest,” Mr Fitzpatrick said.

For those looking to sell, he advised making sure you trusted and were comfortable with your agent as the market changed.

Closer to town a three-bedroom apartment in the historic former Foy & Gibson warehouse soared $500,000 past its reserve.

Jellis Craig partner Simon Shrimpton said the result for 17/79 Oxford St, Collingwood, had reflected its “X-factor”.

“It was a very unique property, one of the most bespoke warehouses I have had the pleasure of handling in more than 20 years,” Mr Shrimpton said.

A bespoke fitout helped 17/79 Oxford Street, Collingwood, to a surprise result.

“There was a $2.3m reserve based on a pre-auction offer from one buyer, but the opening bid was $2.4m and it was straight on the market. Then we ended up knocking it down for $2.8m. That’s the highest price paid for a warehouse apartment in the Oxford St precinct.”

Interest came from as far as Sydney and Perth, but the keys went to a Melbourne man.

“It was interesting to see that in a market that is layered with a lot of negativity at the moment,” Mr Shrimpton said.

“But it shows five-star, bespoke properties can still buck the trend.”

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