Market Update - 30th September
By | 30th Sep 21

Melbourne continued its low auction volumes as many agents started to introduce new listings onto the market. The clearance rate was 93% from 192 virtual auctions, as live auctions are still not permitted. Though it looks like live auctions may be permitted in outdoor settings only from late October. 

Many less popular suburbs have now become in demand as there can be a big shift in a suburbs attractiveness due to a name change. Rosebud West was changed to Capel Sound and there has been much upside since then. There were nine bidders bidding for a block of units that sold for $1,500,000 well above the $1,150,000 reserve and our clients budget.

Developers and investors are making their way back into Melbourne’s market. A developer purchased a house on High Street Road in Glen Waverley for $405,000 above the reserve, selling for $1,505,000. There was seven bidders that pushed the price over reserve.