Market Update 5th August
By | 5th Aug 21

Melbourne’s property market continues its recovery after the lockdown with a clearance rate of 88% from 426 auctions. The auction volumes are still much lower as many campaigns were interrupted and postponed and pushed backwards, so we’re seeing the next three weekends will have large volumes of over 1000 auctions. Buyers will have more choice and hopefully more opportunities as we have three super Saturdays coming up in a row. 

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There continues to be runaway results in many of Melbourne’s middle suburbs. A house in De Chene Parade, Coburg North sold for $1,511,000. This was a massive result as it needed a renovation and sold for $521,000 over its reserve, showing how strong the market is with two bidders refusing to give up on the three bedroom run down house.

Many Melbournians are now seeking a lifestyle change in Bayside suburbs and this was seen again with a massive result in Haydens Road, Beaumaris. Spirited bidding saw this property sell for $580,000 over reserve for a $3,230,000 result as lifestyle has become much more important for many Melbourne buyers.