News & Insights
With a record number of homes going under the hammer, this past weekend “brilliantly illustrated the market’s response to property supply and demand dynamics in terms of auction volumes, passing the Super Saturday test with flying colours,” said John Bongiorno, the Sales Director at Marshall White.
Originating in Melbourne in 2011, this auction event has become an annual spectacle across most Australian capital cities, reflecting the increase in property demand during spring.
The transparency of auctions, visible competition amongst buyers, and expedited timelines make Super Saturday auctions a preferred choice for many.
“The busiest day of 2023 saw the market humming with activity from auctions, open houses, to private and off-market sales. With Christmas just 8 weeks away, buyer sentiment surged, stirring excitement across Melbourne’s real estate landscape,” remarked John Bongiorno.
Up from a total of 36 Super Saturday auctions in 2022, Marshall White significantly expanded its operations by holding an impressive 61 auctions last Saturday, amassing a remarkable total of circa $150 million. To provide a clearer perspective, throughout the entire month of October in 2023, Marshall White had more than $500 million worth of homes up for auction across Melbourne. Almost one third of this sum was generated on this one weekend, highlighting the sizeable proportion of activity condensed into the span of this singular Super Saturday.
Several notable transactions unfolded on Saturday. At James Service Place, South Melbourne, auctioneer Oliver Bruce secured a $3,300,000 sale with around 90 attendees. An off-market sale on Montague Street, Albert Park fetched close to $6 million, showing a significant appreciation from its previous year’s price. In Port Melbourne, a property on Esplanade West fetched over $4 million, standing as the second-highest sale for a house in the area, excluding waterfront properties. On Edward Street, Kew, an initially slow auction picked up with four bidders, strongly surpassing vendor expectations. Lastly, Alexandra Avenue in Canterbury saw fierce competition between two principal bidders, closing at $7.6m+.
However, it wasn’t only our sales department that thrived on Super Saturday. Our Property Management Team held 57 open for inspections on behalf of our rental providers, adding to the 70+ properties already leased earlier in the month.
Simultaneously, our Projects Team was busy with buyer appointments all day, closing a month where the average sales price soared over $3 million, highlighted by an off-the-plan penthouse sale in Port Melbourne for $8.5 million.
Each aspect of our operations tapped into the momentum of Super Saturday, reflecting the collective drive of Marshall White in navigating Melbourne’s dynamic real estate market. This weekend showcased our expertise in orchestrating remarkable transactions, further marking our stance as the leader in prestige real estate.