Super auction on Saturday

Despite clearance rates still sitting at 53%, the weekends activity and interest rate cut seemed to have woken up the buyers.   Of all the auctions we attended we saw increased crowds and multiple bidders, now this won’t have any huge effect for agents between now and the end of the year but there are some promising signs.   A particular auction we attended at 3/16a Cromwell St South Yarra saw the bidding start at $560k with bidding being shared by no less than 6 bidders, in the end the price quickly rose from $635 between 2 bidders and finally sold for $690K!  The last sale in this building was recorded during the peak of the market in March 2010. Unit 11 sold at auction for $623,000.