Market Update 19th November 2019
By | 19th Nov 19

Melbourne’s market passed another Super Saturday test with flying colours with a 76% clearance rate from 891 reported auctions.There were over 1000 auctions scheduled  for the weekend. Auction numbers will now increase as there is really only around four auction weekends until the market shuts down for Christmas and buyers will have to wait until February for more new properties to come on the market. 

We missed out on a townhouse in Scott Road Glen Iris for an upsizing family that we have just assisted with selling their bigger property in Surrey Hills through our Vendor Advocacy service. Showing how much the market has moved, this property was purchased in the last peak market in April 2017 for $1,253,000. The clients missed out on the property with 6 bidders bidding there and it sold for $1,327,000, 6% or $74,000 more. There was talk recently about Melbourne’s market increasing by 17% in the next 12 months in the housing market. There was talk that prices would return to the peak of 2017 but I think the above property demonstrates that Melbourne’s prices are beyond in the  last peak in many instances selling well above the peak prices of 2017.

There also continues to be strong demand in the Townhouse market sector as we saw with a townhouse in St Huberts Road, Carnegie which sold for $110,000 over reserve. The Townhouse market continues to be the in-between market for young couples who cannot afford houses and may be upsizing from a small apartment. It is a competitive market with many young couples who cannot yet afford a house yet competing strongly.