Market Update 5th of July 2022
By | 5th Jul 22

Melbourne's property market had a low volume of only 402 reported auctions this weekend due to the lower number on the market with school holidays holding many vendors back from listing their property on market. The clearance rate was the lowest its been for a while with only a 62% clearance rate with more opportunities for buyers. 

The entry level of the market continues to be rock solid. A house in Coburg North sold under the hammer for $690,000 which was well above the reserve of $550,000, selling $140,000 over reserve. 

Family homes continue to have solid demand despite the recent interest rate rises. A 3 bedroom family home in Rowville sold for $1,220,000 which was well above the $950,000 plus quote range.