Market Update 3rd December 2019
By | 3rd Dec 19

Melbourne’s market passed another Super Saturday with a clearance rate of 77% from 1082 scheduled auctions. There continued to be strong bidding at the lower end of the market as many properties smashed their reserves.

There was a 1 bedroom apartment in Armadale which sold for $506,000 at auction which was well above its quote range of $360,000 - $400,000. There was another auction in Elwood which nearly saw a 2 bedroom apartment sell for $1,000,000. The apartment sold just under that for $990,000 with five bidders.

Showing how much the market has improved, we have a client who sold through our Vendor Advocacy service in Glenelg Ave, Frankston for $650,000 in Frankston. The property was on the market earlier this year with another agent and they could not even get an offer over $600,000 showing how much the market has improved since then.