Hundreds of sales worth hundreds of millions in biggest auction week in pandemic

56 ELPHIN GROVE, Hawthorn - for herald sun real estate

56 Elphin Grove, Hawthorn, made $4.425m — February 27’s highest reported price.

A Brighton house destined to face a bulldozer soared $500,000 past reserve as a Point Cook family demolished well-heeled Bayside locals on Melbourne’s busiest auction weekend since the pandemic hit.

Yesterday’s $2.5m sale was one of the hundreds of reserve-smashing results as 85 per cent of homes sold on a day with 1323 auctions scheduled. Hundreds more had undisclosed prices.

The preliminary figure indicates more than 1100 homes will have been sold at, before or after auction across the week, with the 280 results reported with a sale price yesterday topping a whopping $311m.

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Also on the winners list, former Blues and Crows footballer Bryce Gibbs who scored a slick disposal with a more than $2.7m early offer on Friday afternoon, and the childhood home of Collingwood defender Brayden Maynard which sold for $2.43m under the hammer yesterday.

Nick Johnstone director Nick Johnstone handled both the Maynard sale in Brighton East and the $500,000 reserve-smashing result at 14 Sunlight Cres, Brighton.

14 Sunlight Crescent, Brighton East - for herald sun real estate

The new owners plan to bulldoze their $2.5m purchase and build a new home.

“It was land value, in a ripping spot, but I haven’t seen this much over reserve for a few years,” Mr Johnstone said.

“It will be close to $4m by the time they pay stamp duty and build a new house.”

The existing home has a four-bedroom floorplan and a bungalow at the rear of the 697sq m block.

The day’s priciest reported sale was a $4.425m auction result for 56 Elphin Grove, Hawthorn, via Marshall White’s Stuart Evans.

Realestate.com.au chief economist Nerida Conisbee said the big sales and high clearance rate were proof a snap five-day lockdown two weeks earlier had done nothing to shake homebuyer confidence.

14 Sunlight Crescent, Brighton East - for herald sun real estate

Inside 14 Sunlight Crescent, Brighton East, which sold $500,000 above its reserve.

“At 80 per cent-plus, that’s evidence of a strong market,” Ms Conisbee said.

Real Estate Institute of Victoria vice-president Adam Docking said he expected March 27 would be an even busier weekend for auction action.

“Many agents are shortening auction campaigns to three weeks due to demand,” Mr Docking said.

Jellis Craig managing director Andrew McCann said the group had recorded an 89 per cent clearance rate from 110 auctions providing “genuine certainty that there is deep strength in the market”.

“We have already had price growth in this early part of the year, and our expectation is for strong conditions through to post-Easter,” Mr McCann said.

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