Market Update 3rd of September 2019
By Advantage Property | 3rd Sep 19
The Melbourne market continues it's solid performance with a clearance rate of 76% from 554 auctions. There continues to be lower stock levels of around 30-40% in a lot of areas compared to the last 12 months. This continues to see many bidders battling it out and experiencing FOMO (fear of missing out) because the prices are moving upwards.
One of the strongest results this weekend was one of our Vendor Advocacy sales of a run-down home in Boyland Court, Box Hill North which saw 7 bidders battle it out pushing the sale price up $200,000 above the reserve price for $1.1m. This property would have been worth around $850,000 around the time of the election and would have been worth around $1.3m back in September 2017 around the last peak of the market. This showed how the market has shifted over recent times.
Another solid result was achieved in Tuckers Rd, Bentleigh East where a family home ended up selling $220,000 above reserve with many home buyers missing out and hoping to purchase in the coming weeks.