Market Update 22nd December 2020
By Advantage Property | 21st Dec 20
Melbourne’s property market ended the year with a bang as the clearance rate was a very solid 82% from a large volume of 774 auctions. Melbourne’s property market ended late this year with the lockdown period having agents pushing out auctions right up until the last weekend as there were only around 300 auctions on the same weekend last year with a 73% clearance rate who would have thought that Melbourne’s property market would be regularly achieving clearance rates of over 80% for the last couple of months. When the pandemic hit earlier this year. Many doomsayers and banking commentators forecasters were predicting that Melbourne’s property market would drop by 30% and again they were wrong as Melbourne’s housing sector continued to see solid demand.
We saw that with another strong result of an un-renovated family home in Kendall Street, Elwood which sold for $2,480,000 with competition from 8 families pushing it well above our downsizing families budget.
Villa units continue to be star performers this year and first home buyers were present for most of the year. Our Vendor Advocacy client benefited again from the first home buyer competition at an un-renovated villa unit auction in Norfolk Street, Maidstone which sold for $630,000. With a number of first home buyers pushing the price to a great result. We purchased the property for our investor client and it only settled earlier this year for $435,000 and sold without any renovation just adding some value through creating a front courtyard by subdividing the property.