Market update 17th December 2019
By Advantage Property | 17th Dec 19
Melbourne continued its solid performance and closed off the last main weekend of the auction selling season with a strong 75% clearance rate from around 1000 auctions. There continued to be strong bidding especially from first home buyers trying to get into the market and purchase their piece of realestate before the Christmas break. Our Vendor Advocacy client in Chapel Street, St Kilda saw three first home buyers bidding competitively. A parent ended up bidding for his son and purchasing the property for $620,000 which was $20,000 above the reserve.
The standout result was seen at a former commission house in Henty Street, Reservoir on 542sqm which sold for a massive $940,000. It was a deceased estate auction and there were eight first home buyers who bid and many others who didn’t even get the chance to put their hand up. It sold for $220,000 above the $720,000 reserve. Showing how much the market has moved, two houses which were almost identical in the same street sold for $720,000 approximately in the last few months.