Market update 4th August 2020
By Advantage Property | 3rd Aug 20
Melbourne’s property market had a consistent 78% clearance rate from 176 reported on-line auctions. The auction market is seeing auction volumes at less than half last year’s reported auctions, as this time last year we had a clearance rate of 74% from 454 auctions.
Records continue to be smashed in many of Melbourne’s middle suburbs. A house in Dwyer St Macleod sold for $2,344,000. This easily beat the previous suburb record of $2,000,000 with 6 bidders bidding strongly.
Melbourne’s lockdowns have not affected the top end of the market. There have been many multi million dollar sales done in lockdown including big sales in Armadale, Brighton and Elwood ranging from around $6 million to $8 million. Although there are now some restrictions with no open for inspections or public auctions, these changes have not affected this top end of the market.
Save the date of August 13th 2020 from 12-1:30pm for our free property masterclass webinar. I will lead a discussion with our panel of experts, including a accountant, mortgage broker, lawyer and real estate agent to talk all things property, the current market trends, climate and predictions. CLICK HERE TO REGISTER.