Market Update 9th September
By Advantage Property | 9th Sep 21
Melbourne’s property market continues to feel the effects of the lockdown with only 147 reported auctions this week with a strong 97% clearance rate. This is well down on the 309 auctions last weekend and we will continue to feel the effects of the lockdown even after the easing of restrictions. This will allow private inspections from around the 23rd September, but occupied properties will still not be able to be inspected. This will be a major blow to many property owners.
More buyers are buying properties sight unseen as desperation continues to build for many people that need to transact properties. A buyer bought another property sight unseen in Connolly Avenue, Coburg for $1,537,000 paying well over $400,000 above the reserve with six bidders.
There continues to be big prices being paid for family homes across many of Melbourne’s middle suburbs. A house in Box Hill North sold for $1,557,000, smashing the reserve by $257,000 with five bidders pushing the price up and none of the bidders had seen the property. An overseas-based investor ended up securing the keys.
Read the full market update HERE