Market Update 26th November 2019
By | 26th Nov 19

Melbourne’s property market passed another Super Saturday test with a 72% clearance rate from 829 reported auctions, although there were over 1000 auctions scheduled for the weekend. There are now only three real auction weekends before Christmas and the Summer break where auctions won’t be back until early February. Buyers will now only have a few weeks to try and secure a property before the break.

There continues to be strong demand in the sub $1,000,000 market. One of our first home buyer clients was very much out of the running for a two bedroom townhouse in Langwells Parade, Northcote. The property ended up selling for $763,000 which was $73,000 above the quote range. There were six first home buyers there all trying to secure their first property and there continues to be strong competition in that market segment.

We also saw a similar outcome with a townhouse in Murrumbeena Road, Murrumbeena where we had an upsizing client looking to buy but there were four bidders and the main road address did not deter buyers. The property ended up selling for $981,000, nearly making $1,000,000 with a reserve of $850,000. This was a massive result and one we would not have seen before the election in May.