Market Update 16th August 2023
By | 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.       


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. 


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.


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.