Market Update 10th December 2019
By | 10th Dec 19

Melbourne’s property market passed another Super Saturday test with a strong 78% clearance rate from a large volume of 1025 reported auctions. It was the second last real auction weekend before the market closes down over the Christmas period and reopens with auctions starting again in February.

Properties with a 'wow factor' continue to be in strong demand. This was seen with a warehouse style conversion in Nichols Street, Abbotsford which had strong bidding from four bidders and sold for $781,000 which was $56,000 above the reserve. A downsizer won the keys over some first home buyers.

Townhouses continue to be in strong demand with first home buyers although a townhouse in Bentleigh saw an investor win the keys from a number of first home buyers, selling for $940,000. Investors are making a return to the market as they always do when the market picks up and are now much more prominent than before the election.