Market Update 15th April 2024
By Advantage Property | 15th Apr 24
Melbourne saw another consistent clearance rate with 518 auctions and a clearance rate of 75% from the low auction numbers. For the same weekend last year, the clearance rate was similar with a 79% from a similar number of 598 auctions. Read all Melbourne’s auction results below. https://reiv.com.au/market-insights
Is fear of missing out (FOMO) back again? It certainly was at an auction in Coburg where there were 12 bidders. A house in Higginbotham Street sold for $1,256,000, $156000 or 14% over the reserve. A young couple won the battle from 11 other bidders for one of the most hotly contested auctions in recent times.
Investors continue to make their way back into the marketplace as conditions improve. An investor paid $172,000 over reserve to beat four bidders for a townhouse in Burwood. The townhouse at 2/29 Ireland St had strong competition as it was a turnkey modern property.