Market Update 25th May 2021
By | 25th May 21

Melbourne’s property market continued its stellar run with 81% clearance rate from 934 reported auctions, although there were over 1000 auctions in another Super Saturday weekend. Compared to last year’s same auction weekend, there were only 137 auctions as our economy and property market started to feel the uncertain effects of COVID. Read all of Melbourne’s auction result here.
 

Melbourne’s middle suburbs continue to see strong demand from young upsizing families and downsizing families as they compete for a limited supply of family homes. Another solid result saw a house in Diane Crescent, Viewbank sell for $1,401,000 ($446,000 above the reserve price) with eager bidders pushing themselves to try and get in to  Melbourne’s property market.
 

We are starting to see some vendors getting ahead of themselves and having reserves that are not being met by the market place. We were able to secure a whole block of 6 apartments for our buyers syndicate in Tennyson Street, Malvern East for $3,300,000 after this passed in well below the vendors price expectation last week. There are still good buying opportunities in Melbourne as we were able to buy two bedroom apartments in Malvern East for $510,000, well below the $850,000 suburb median price.