Market Update 29th March 2021
By | 29th Mar 21

Melbourne’s property market passed another Super Saturday test with flying colours and the third largest volume ever across Melbourne in history didn’t have an impact on the clearance rate. Melbourne’s clearance rate was a very strong 85% from 1,451 reported auctions. The only auction weekends that were bigger were one back in 2010 and another in 2017. View all of this week’s auction results here.

We continue to see strong competition at the auctions that we are involved with. We were winning bidders of a house with renovation potential in Melrose Street, Richmond which we secured for a client for $1,888,000 against three other bidders. Land continues to be gold as this property was on 302sqm which is a large allotment for Richmond/Cremorne. It’s shown that good property in the inner suburbs with land content generally doubles in ten years. This property was bought by the owner for $945,000 ten years ago so it met that criteria.

We continue to see strong demand for villa units across the Melbourne property market with mainly first home buyers still very dominant. Our Vendor Advocacy client sold a two bedroom villa unit in Storey Road, Reservoir for $585,000 without any renovation, after we purchased for $420,000 only six months ago through our Group Block buying strategy. Not a bad profit of over $100,000 in a six month period!