Melbourne sellers rush early sales before Cup weekend auction drop

225 Burnley St, Richmond, measures just 5m wide — but still sold six figures above expectations.

Melbourne is going from its busiest auction weekend of the year to one of its quietest, with about 460 homeowners testing the market after more than 1700 did so a week prior.

The pseudo-long weekend with Melbourne Cup Day on Tuesday is behind the decline, and has also prompted a rush of homes selling ahead of schedule with wide reports many sellers looked to lock in a deal ahead of time in the past seven days.

Prominent buyer’s agent and new Property Investment Professionals of Australia chair Cate Bakos said agents and vendors were more likely to take an early offer than risk a home passing in during November and December, and were still worried about upcoming listings “cannibalising” buyers in the next few weeks.

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“And, this week, I have had agent say they will wrap things up by Friday as they are thinking about using the long weekend (for a break),” Ms Bakos said.

Despite this, some of the early sales will give hope to sellers going to auction this weekend.

Arguably one of Melbourne’s skinnier homes, a 5m wide property at 225 Burnely St, Richmond, that was sold halfway through a reno — shot almost $150,000 past expectations and sold for$1,032,500 after one buyer made an early offer more than a week before it’s auction.

At 5m wide, the Burnely St home is one of the narrower offerings in Melbourne.

The house is partially renovated, and attracted a solid range of builders interested in finishing the job.

While it was supposed to go under the hammer today, Nelson Alexander’s Tom Alexiadis said the home went to auction a week early with four bidders active after 175 groups inspected it.

The buyer was a builder who tuned in from his car and was texting and drinking a coffee as well as chatting with a mate next to him.

“It’s the most amusing auction I have had in years,” Mr Alexiadis said.

The agent added that he’d had two more homes slated for auctions over the coming two weeks sell ahead of schedule including a townhouse at 9/46 Westgarth St, Northcote, and a family home at 32 Gordon St, Northcote.

9/46 Westgarth St, Northcote, is under offer after an auction ahead of schedule.

32 Gordon Grove, Northcote, was another home sold weeks ahead of schedule.

“We’ve had a week of boardroom auctions caused by buyers who haven’t wanted to wait,” Mr Alexiadis said.

“Sometimes we are getting offers in the first week, from buyers who have been looking for a while.”

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