Market Update 10th November 2020
By | 9th Nov 20

Melbourne’s property market continues it recovery after lockdown with a strong 81% clearance rate from 355 reported auctions. There was again strong demand at the auctions we attended with some strong results including a house in Elsternwick that sold for $115,000 above reserve.

Family homes continue to be in strong demand in Melbourne’s middle bayside suburbs. An updated period home in Begonia Road Gardenvale sold for $2,275,000, $115,000 over reserve for a strong result. Three young families pushed the price well above reserve and above our downsizing families budget. Period homes always have timeless appeal and strong demand when located next to good schools like this house was.

There has been some big sales since the auction market has rebooted. A family paid $751,000 over reserve for a dated house in Fitzroy North which has plans to demolish. The $2,350,000 transaction of 248 Ray Street showed how the market has recovered now and the Melbourne market is starting to see some run away results again.