Five Port Melbourne properties sold above reserve as clearance rates hit 78%

Five Port Melbourne properties sold above their reserves this weekend, pushing the local clearance rate to 78 percent across 23 auctions conducted on July 5 and 6.

Buyers showed up ready to bid despite the July timing, when many households juggle school holidays and winter utility bills. The results arrived after the Port Phillip City Council released its June quarter housing data on July 3, which recorded a 4 percent rise in median prices from the prior three months.

Sales activity concentrated around Bay Street and the Beacon Cove waterfront, where two terrace homes and a warehouse conversion drew multiple bidders. The local real estate offices along the strip reported foot traffic up 15 percent from the same weekend last year, with agents noting stronger interest from owner-occupiers than investors.

Properties that cleared above reserve

A three-bedroom terrace at 112 Graham Street fetched $1.92 million, clearing its $1.78 million reserve by $140,000 after 12 bids. Two streets away, the warehouse at 8/45 Rouse Street sold for $1.65 million, $95,000 over its listed reserve. At the opposite end of the suburb, a two-bedroom unit in the Beacon Cove development at 22 Sandridge Avenue reached $1.05 million, exceeding its $980,000 reserve by $70,000.

These figures sit above the suburb median of $1.48 million recorded in the council's June data release. Auction volumes remained steady with 18 of the 23 listings finding buyers on the day.

Next steps for buyers and sellers

Fourteen properties are already scheduled for auction on July 12 at venues including the Port Melbourne Town Hall and the Yacht Club function room. Agents advise pre-qualifying finance and inspecting the four Bay Street listings now open for viewing before the weekend.

Those planning to sell should finalise reserve prices by July 10 to meet the next marketing deadlines at the three major agencies operating on the strip.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.