Market Update 16th March 2021
By | 15th Mar 21

Melbourne’s property market continues its strong performance and recovery after the COVID situation. Melbourne’s clearance rate was 82% from 825 auctions and there continues to be more buyers than there are properties on the market. There is strong demand in all sectors of the market, apart from the inner-city apartment market.

Our buyers advocate clients continue to buy properties off market or privately, rather than slog it out at auctions where many of the properties are seeing 5 to 6 bidders on average and reserves smashed by anywhere from $100,000 to $500,000. We purchased another property without auction competition in Connell Drive, Mordialloc for an upsizing family and we purchased it at least $100,000 below what other comparable properties have been selling for at auction in the area.

Investors are definitely starting to make their comeback into the market finally. We have seen that recently with our Group Block Strategy where we have had investors for all of the Ringwood block opportunity and our new Essendon West opportunity, where two bedroom villa units we are hoping to buy for under $450,000 (well below the suburb median unit price of $635,000 and Melbourne’s median unit price of $660,000) have attracted really strong interest from investors. Unfortunately, most investors wait until the market heats up before they jump in and this has proven to be true again.