Market Update 16th August 2023
By Advantage Property | 16th Aug 23
Melbourne’s property market is consistently seeing higher clearance rates compared to the same period last year. The clearance rate was 71% from 560 auctions, compared to 69% from 503 auctions last year. Read all Melbourne’s auction results here.
https://reiv.com.au/market-insights
Family homes continue to see more demand than supply. A house at in McKeon Avenue, Pascoe Vale South sold for $1.64 million, with 3 bidders pushing the price $190,000 over reserve. A young couple were able to secure the property ahead of the other competition.
https://www.realestate.com.au/sold/property-house-vic-pascoe+vale+south-142617416
One of the strongest results on the weekend was a house in Knowles Street, Northcote which sold for $3.35 million. The property at a Westgarth address had 5 bedroom accommodation and was a renovated period style property that is always popular.
https://www.realestate.com.au/sold/property-house-vic-northcote-142640460
A 2 bedroom South Yarra property in Cromwell Road South Yarra sold for $1.76 million with 5 bidders and smashed the reserve by $260,000 with it being popular from downsizing baby boomers.
https://www.realestate.com.au/sold/property-house-vic-south+yarra-142665900