Market Update 16th June 2020
By Advantage Property | 15th Jun 20
Melbourne’s property market achieved a 64% clearance rate from an increased number of 293 auctions. Auction numbers will continue to increase now that the restrictions have eased.
There continues to be some increased confidence in the Melbourne market place since restrictions have eased and there continues to be some solid results as we saw with a old unliveable house in Ferguson Street, Macleod which sold $90,000 over reserve. There were 24 registered bidders and 4 bidders that pushed the price $90,000 over reserve, selling for $780,000.
I would expect to see an increase in demand for coastal properties as many more people will seek a sea change or tree change with the flexibility of working from home. There was a modern home that sold in Prospect Hill Road, Mccrae for $1,950,000. There continues to be strong increased demand from relocating Melbourne families.