Market Update 25th August
By | 25th Aug 21

Melbourne’s auction numbers continue to plummet each week as vendors have to postpone their sales campaigns and push them out due to our continuing lockdown. There were only 271 auctions over the weekend with an almost perfect clearance rate of 97%. The REIV and real estate industry continues to lobby to allow private one-on-one inspections in a COVID-safe manner to assist buyers and sellers with their basic need for shelter. 

Melbourne’s middle suburbs continue to face a shortage of family homes compared to increasing demand levels. A house at 6 Colonel Street Clayton sold for $1,320,000, a whopping $270,000 over reserve with a number of bidders fighting for the keys.

We continue to be gobsmacked at some of the results that we’re seeing in many suburbs all across Melbourne. A small two bedroom single fronted terrace sold in Collins Street, Thornbury for $1,830,000 on only 278 sqm of land, showing how strong the housing market is.

 

Read the full market update HERE