Market Update 19th August 2024
By Advantage Property | 19th Aug 24
Melbourne’s property market continues its consistent performance with a 75% clearance rate from 522 auctions. The market is performing at a similar level to last year where there was a 78% clearance rate from 677 auctions. Read all Melbourne’s auction results below.
https://reiv.com.au/market-insights/auction-results
One of the strongest auction results for the weekend was a renovated Victorian terrace at 257 Coppin St Richmond which sold for $2,269,000. Five bidders pushed the price well above the reserve by $384,000, with a local Richmond couple winning the keys and the house selling for well above its purchase price of $116,500 in 1986.
https://www.realestate.com.au/sold/property-house-vic-richmond-145620656
The new series of The Block is on television now and it will be interesting to see how the properties in Phillip Island perform. I provided some commentary in the linked article where I think that The Block might struggle with investors this time around because of the large land tax increases which have been imposed in Victoria. Read our full comments below.