Market Update 14th July 2021
By | 14th Jul 21

The first homebuyer end of the market continues to be one of the strongest, as entry level villa units and townhouses continue to see strong demand and multiple bidders at most auctions. Melbourne’s overall clearance rate was 79% from 729 auctions, with many first home buyers successful at the entry level of the market. 

The property market all over Australia continues to see phenomenal growth, as was seen with a block of units sold in Brisbane. An investor flipped them in 3 months and they sold for $345,000 more without doing any improvements to the units. Seven bidders registered for the auction; a sign that investors all over the country are starting to get on the property bandwagon again.

If a property doesn’t have all the bells and whistles, buyers are still being fussy and particular. A classic example of this is a comparison of 2 villa units in Newport. One unit, which our clients sold through our Vendor Advocacy service, was in Mason Street with a courtyard and sold for $540,000 at auction. The other unit in neighbouring Oxford Street ticked a lot of boxes, but didn’t have the wow factor of a courtyard. This unit is still on the market asking for $440,000 - $460,000  after the price was reduced from $520,000.