Market Update 29th November 2023
By Advantage Property | 29th Nov 23
Melbourne’s property market is seeing a large numbers of properties sell before auction with around 50% selling before auction this weekend. There was a 69% clearance rate from 718 auctions which was similar to the same weekend last year with a 67% clearance rate from 835 auctions. Read all Melbourne’s auction results below.
https://reiv.com.au/market-insights
One of Melbourne’s biggest auction results was the sale of a house in Hearn Street, Dromana that sold for $2.75 million. Dromana has come a long way since I bought a house across the road in 2010 for $730,000 on a similar size block of land with bay views.
https://www.realestate.com.au/sold/property-house-vic-dromana-142421136
The entry level end of the market continues to be rock solid as seen with a house in Manning Clarke Road, Mill Park. Five buyers pushed the sale price to $770,500, smashing the reserve by $70500.