Market Update April 26th 2023
By | 26th Apr 23

Market Update April 26th 2023

The REIV auction clearance numbers were solid this week with a 81% clearance rate being one of the strongest clearance rates this year from around 445 auctions reported.  The auction volumes continue to be lower than last year where we had 576 auctions and a lower clearance rate of 75%. Read all of Melbourne’s auction results below.


Properties with a WOW factor continue to see strong runaway results.  A house size townhouse in a great location in Spray Street, Elwood sold for $2,250,000, $350,000 above reserve.  We were bidding for a repeat downsizer client but got smashed out of the water by 2 other downsizer buyers.  The owners did well having bought the property for $1,390,000 and increasing in value by $860,000 in the last 11 years.


Who would have thought you would see 16 bidders bidding for a house in South Morang a decade ago? Well, that’s exactly what happened in Ellabella Court where the property sold for $910,000, $85,000 above reserve many young couples in the mix. 


Family homes continue to outperform the rest of the market as we’ve seen with a house,  with a six car garage in Steele Creek Drive, Keilor East.  The house sold for $2,365,000, $165,000 over reserve with a young family beating a number of other young families to the keys.