Market Update 7th March 2023
By | 7th Mar 23

Melbourne’s property market continues to suffer from a lack of stock compared to a year ago. There were only 610 reported auctions this weekend with a clearance rate of 76% and a year ago there was double that volume with 1218 and a identical clearance rate of 76%.      


Suburb records continue to be smashed in many of Melbourne’s inner suburbs. A house in Wolseley Parade, Kensington sold for $3.395 million which was a new suburb record. 5 bidders pushed the price a whopping $1.095 million over reserve.   


The first home buyer end of the market continues to be rock solid. A house in Telopea Street, Wantirna South sold for $1.68 million, smashing the reserve by $230,000. Believe it or not a first home buyer secured the property against 6 other bidders.