Market Update 26th may 2020
By Advantage Property | 25th May 20
Melbourne's property market is defying the odds as there continues to be some solid results at the top end and the entry level of the market. We saw a stand out result in Byrne Avenue, Elwood where a house set a new record selling somewhere above the $6 - $6.5 million price range. The previous record was for a house in Dickens Street, Elwood which sold for $6.55 million.
The entry level of the market continues to perform solidly as we saw with a Vendor Advocacy property in Denham Street, Hawthorn. We had six offers for an un-renovated two bedroom apartment which ended up selling for $706,000 which was $36,000 above the vendors reserve price. It again showed that the market is holding up but that it is also very property specific.