Market Update 27th October 2020
By Advantage Property | 26th Oct 20
Melbourne’s property market achieved a clearance rate of 83% from an increased number of 273 auctions. The auction numbers will continue to increase now that the restrictions have eased. New listing volumes in Melbourne have “soared” since on-site, private inspections recommenced on 28th September. The number of new listings in Melbourne has increased by around 330% in the four weeks ending 18 October, up to 6,974 from the 1,606 listed in September.
Properties with a "WOW" factor are always in strong demand as we experienced with a property in Keith Street, Parkdale house that backed onto a park. We missed out for an upsizing family and there were 19 offers on the Parkdale house. Despite Covid times, it sold for $1,251,000, well above the $1 million to $1.1 million price range.