Market Update 9th of August 2022
By | 3rd Aug 22

Melbourne’s property market seems to have found a consistent level with 66% clearance rate from the weekend. The volume of auctions continues to be lower as is common during winter with only 439 auctions. 

Many of Melbourne bayside suburbs continue to see strong demand for well located properties. A house in Bridge Street, Port Melbourne sold for $1,921,000 with 5 bidders pushing it $221,000 above reserve. 

There are definitely more opportunities opening up for buyers in the current market. We were able to purchase a townhouse for a first home buyer in Miller St, North Fitzroy for only $750,000 this was well below what other properties have sold for over the last 6 months , which our client had missed out on. It is at least 15% below what local agents were expecting the property to sell for before the interest rate rises.