Market Update 15th September 2021
By Advantage Property | 15th Sep 21
The REIV and agents in the real estate industry and associated industries are hoping that one-on-one inspections will be permitted again so that Melbourne real estate can reopen. Though this has not yet happened and many buyers are desperately buying properties without viewing them which we’ve never seen happen in the past 20 years that we’ve been Buyer’s Advocates. The supply continues to be low with only 151 auctions and an almost-perfect clearance rate of 95%.
Melbourne’s middle suburbs continue to see large demand from young families. A house in Rainham Close, Greensborough sold for $1,272,000 pushing $280,000 above the reserve price with strong competition.
Pent up demand due to low supply levels in Melbourne continues to feed strong results. A rundown house in Euston Street, Malvern sold for $2,415,000, $545,000 above the top end of the quoted range with strong competition for a run down, tired house.