Market Update 19th of July 2022
By | 20th Jul 22

As is normal in Melbourne's property market the winter period has seen a lower volume of properties onto the market. There was a low volume of only 354 reported auctons with a clearance rate of 64% on the weekend as it continues to transition to a buyers market.

The first home buyer end of the market is certainly showing signs of continuing its strength. Six bidders fought for a renovated 2 bedroom house in Ararat Street, Altona North which sold for $774,000 the first home buyer beat off investors but had to pay $121,000 above the reserve. 

One of the biggest results of the weekend was the sale of a 5 bedroom house in Edward St, Essendon. The home sold under the hammer for $2,750,000 which was well above the $2,500,000 plus quote with a builder winning the keys.