Market Update 28th July
By | 28th Jul 21

Melbourne’s Auction volumes continue to be impacted by the Melbourne lockdown as there were only 443 auctions this weekend. The clearance rate was again a strong 94% and well up from the 79% clearance rate last year from only 293 auctions for the same weekend. 

There continues to be strong demand for family homes in Melbourne’s inner bayside suburbs such as Elwood. A modern family home on a smallish block sold for $3,390,000, a whopping $890,000 above reserve with four bidders fighting and pushing it well above the $2,500,000 reserve.

Demand continues to soar in Melbourne’s middle suburbs as many buyers are now being priced out of the more expensive inner suburbs. A three bedroom house in Keilor needing renovation sold for $765,500 at an online auction. It was pushed well above the reserve of $550,000 with nine bidders participating and 29 registered to bid.