Market Update 19th August 2021
By | 19th Aug 21

Auction volumes continue to fall in Melbourne as the lockdown holds back many scheduled auctions and sales. The clearance rate was 95% from a small volume of only 214 auctions. The REIV is lobbying for private one-on-one inspections to be reintroduced as Melbourne’s property market is pretty well on hold for many property purchases, leasing and sales.

Runaway results continue to be seen in many Melbourne suburbs. There was another sale which was $1,000,000 over reserve at The Boulevard, Aberfeldie which sold for $3,300,000 – with strong demand pushing the price well over the reserve.

Who would have thought we would have seen sales in suburbs like Thomastown smashing the million dollar barrier? A house in Highlands Road, Thomastown sold for $1,026,500, smashing the $750,000 - $825,000 price range with seven bidders battling it out.