Market Update 18th February 2020
By Advantage Property | 19th Feb 20
Melbourne’s property market continued its solid performance with a 81% clearance rate from 486 reported auctions. Buyers will have more choice to try and secure a property with a number of larger volume auction weekends coming up over the next weekends.
There continues to be some crazy run away prices being achieved this year. An example was a 46sqm garage which sold in Albert Park over the weekend for $645,500 which was $215,500 over reserve with 7 bidders fighting it out for the keys. The owner paid $8000 for the property in 1984 and made a massive windfall.
There continues to be strong competition at the entry level of the market. We missed out on a property for a First Home Buyer that sold on a major road, Brighton Road with strong competition. It sold for $610,000 well above the $500,000 - $530,000 price guide and didn't even have off street parking.