Market Update 9th November 2023
By Advantage Property | 9th Nov 23
Melbourne’s property market had a quieter weekend this weekend due to the Melbourne Cup long weekend with only 271 reported auctions and a 68% clearance rate. Last year there was a 71% clearance rate from a much larger volume of 671 auctions. Read all Melbourne’s auction results below.
The big news in Melbourne’s property market was The Block auctions which dominated the weekends results. Four of the five properties sold under the hammer for a 80% clearance rate with Steph and Gian’s property being one of Melbourne’s biggest sales on the weekend with a $5 million sale price. Adrian Portelli’s one million dollar increase over my $4 million dollar bid sealed the deal.
It certainly has become a lot harder to find buyers for The Block properties as the first Block property we bought in Cameron Street, Richmond was $856,000. Now they have sold for $5 million and $5.76 million, making it much tough to find investors at that level. Thank you to Lulu Wilkinson for her comments on our Block journey in this article.