Market Update 3rd March 2020
By | 5th Mar 20

Melbourne passed anther Super Saturday test with a 78% clearance rate from 1163 reported auctions and over 1300 scheduled auctions. There continued to be strong bidding across the board. We were able to achieve a great result for a Vendor Advocate client in Briggs Street, Caulfield where we saw a record 62 contract requests during this campaign, 15 repeat inspections and over 8 bidders fight it out for the keys. The property sold for $760,000 which was $140,000 above the reserve. This result highlighted how important it is to present a property in its best light.

We had recommend the vendor vacate the tenant and get the property professionally styled. We also recommended they create a point of difference and a ‘WOW’ factor in the back yard with an entertainers courtyard by painting fences and installing some fake turf. This led to the excellent result where we had so many First Home Buyers fall in love with the property and push the sale price past the vendors reserve.

 

There was another apartment in Greeves St, St Kilda which did not have any ‘WOW’ factor and was in an average run-down building in Richmond compared to Briggs Street, Caulfield which was one of our past Group Blocks purchases where the exterior had been updated. There was no bidding and the property passed in on a vendor bid of $500,000. The apartment market has picked up but an apartment needs to have a ‘WOW’ factor, like Briggs Street, Caulfield  did.

 

Melbourne property prices have seen such a fast rise  recently which was highlighted with a property that sold in Bradley Ave, Thornbury where a property sold for $1,390,000 which was $90,000 over reserve. In the tale of two markets as late last year there was a property which passed in at auction in the same street and they couldn’t give it away for $960,000. Now, this comparable property has just sold for $430,000 more in a very short period of time of a few months.