Market Update 23rd March 2021
By | 23rd Mar 21

Melbourne’s property market continues its recovery after the COVID climate last year where clearance rates were around 63%. In comparison, this week’s clearance rate was 83% from a large volume of 943 reported auctions passing another super Saturday test with flying colours. This strong performance continued on from last week’s performance of an 81% clearance rate from 988 auctions. Read all of Melbourne's auction results here.

We continue to shake our heads at some of the results that are being achieved at very competitive auctions across the board in the Melbourne market. There were three sales recently which sold for more than a million dollars above reserve, including a dilapidated house in Brighton. Who would have thought we would be seeing this market a year ago when the impact of COVID just started in the economy and our property market? There has been a massive lifestyle change as many Melbournians are now seeking properties that offer different accommodation needs for their families that have now changed.