Market Update 14th of June 2022
By | 17th Jun 22

Melbourne's property market had a low volume of auctions due to the Queen's Birthday long weekend. The clearance rate was a consistent 69% from around 240 reported auctions again. There continues to be a shift to a buyers market compared to the sellers market we had last year where the same weekend saw a 92% clearance rate from a similar volume of 247 auctions. 

Who would have though houses in Safety Beach would sell for around $1,080,000m after the owners bought a house in Palm Tree Drive for only $59,000 in 1989. The Country Club resort style properties have seen some phenomenal growth in recent decades. 


It only takes two to tango at an auction to make it a successful one and now there are less bidders at each auction. A house in Albert Street, Port Melbourne sold for $1,740,000 with two bidders pushing the price up $190,000 above reserve.