Melbourne Property Auctions Update
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It's The Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings.
And welcome to another episode of The Real Estate Breakfast, available on iHeartRadio every morning and also on Spotify and Apple and wherever you get your podcasts from. And it's a Wednesday, the 19th day of October for 2022. Coming up very shortly, Fabian Sinelli is here from Melbourne to direct you around the auction process and to look at the market there in Melbourne. And if you are a buyer or seller, there will be plenty of pointers to take away. I see that Noosa is once again celebrating, not because of its strong market growth this time, but rather because it took out the Queensland House of the Year at the 2022 Master Builders Housing and Construction Awards. And the home that won it is an absolute stunning looking design.
And congratulations to Braden Constructions. And the property was designed by Chris Clout. It has a very modern Thai feel about it. And check that out if you get a moment today. All right, if you're celebrating your birthday for the 19th of October, You are celebrating your birthday with Evander Holyfield, the man that got his ear chewed off by Mike Tyson. He's turning 59 today. One of my favourite actors, John Lithgow, he is celebrating and turning 77. If you are celebrating your birthday, many happy returns. Have a good one.
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Well, it's been a funny old week for the yo-yo effect of the property commentary around Australia. For example, at the start of the week, we were talking about Melbourne's positivity with some of the recent house sales. And you might recall we highlighted that apartment that sold for $630,000 above the reserve. And then a couple of days later, we were talking about domains reporting the pressure on sellers to drop their price expectations, which is taking a bit of a hit with new data revealing that Brisbane, Darwin, Perth, Melbourne and Sydney homeowners are discounting their asking prices at rates not seen since 2019. And then the report mentioned that in Melbourne, it's buyers in Stonington East that are most likely to get a discount.
So a lot of up and downs this week, and nobody can ever say that it's not a changing market within markets. So let's stay with Melbourne and go to Fabian Sinelli, who is in Melbourne from EYS there. He's the managing director and the auctioneer. And good morning, Fabian. Welcome back to The Real Estate Breakfast. Good morning, Craig. Good to be here again. So up and down with the market, one day you're reporting positivity, the next it's doom and gloom.
I don't think we can keep up with all these yo-yo news articles about the market. And we can't put a finger on exactly why it's happening and when it's going to stop. It's just such a buoyant market at the moment. And there's so many fluctuations and changes. And I think it's obviously got to do with what's happening with the RBA. But given the fact that they haven't gone aggressive with the last rate rise at 25 basis points, I think Now we're starting to see a surge in clearance rates, and hopefully we're going to see that carry into the tail end of the year.
And when I was talking to the agent involved with that 630,000 apartment sale that was over the reserve, it's a good example of just how the auction process works. Because if you had a private treaty on that, You would never have got the sort of money involved in that case.
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