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.
https://reiv.com.au/market-insights
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.
https://www.domain.com.au/20-charming-street-hampton-east-vic-3188-2018655242
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.