Insights

This past weekend has set a new record for the amount of auctions in an autumn weekend, with over 1,400 properties listed to sell in Melbourne.

Despite the large amount of competition over the weekend, Hodges stood out with a clearance rate of 88.6%.

Hodges Director Michael Cooney spoke to The Sunday Age about the active competition in the buying market at the moment. “In this market we could sell 80 per cent of our stock before auction, to more than one buyer,” he says.

On Saturday, Hodges St Kilda Director Josh Sterling’s performance served to prove Michael’s point. Set to auction a home on Brunning Street in Balaclava at 12:30pm, Stirling dealt with a keen buyer that swooped in at 10am on auction day, offering a competitive price the vendor could not turn down.

Continuing on with Hodges streak of sales this past week, Beaumaris director Michael Cooney sold 2 properties on the weekend, both which were sold for prices well above their reserves. The first property at 11 Faulkner St, Hampton sold at $100,000 above reserve, whilst the second property at 55 Dalgetty Road, Beaumaris sold at $165,000 over reserve.

This weekend has shown again just how committed Hodges agents are to selling properties for the best price in a competitive market.

With more auctions assuredly coming up, interested buyers should keep a very keen eye out for any properties that may pop up, as they may not stay on the market for long.