Market Update 21st April 2021
By | 21st Apr 21

Melbourne’s property market continues it’s consistent, solid performance rate of 86% from 921 auctions. There’s been a considerable improvement from the 76% clearance rate compared to the same weekend last year. This is with quite a large volume of properties like there were last weekend, when there was 961 reported with an 86% clearance rate, showing Melbourne continues perform strongly. Read all of Melbourne's Auction results here.
 

Melbourne’s median house price hit the million dollar mark for the first time in history with a large increase in the last quarter. The median house price of $1,004,000 shows how much demand there is as this is the largest quarterly increase since 2007. There are now more and more million dollar median house price suburbs as well as Melbourne’s unit price hit an all-time high with a median of $672,000. Read more here.
 

It looks like investors might be finally making their way back into the marketplace as we’ve seen the number of auction of blocks of units recently. A block of units in King William Street, Reservoir saw 9 bidders with the eventual winning bidder being a Sydney investor/developer and the property sold for $1,680,000 ($280,000 above reserve price) well above our client syndicates budget.