Market update May 5th 2023
By | 5th May 23

Market Update May 5th 2023

Who would have thought Melbourne’s clearance rates would be at such healthy levels after all the negative talk a year ago?  Melbourne’s auction clearance rate was 78% from a small volume of 610 auctions compared to a lower 73% auction clearance rate last year with a high-volume of 1028 auctions. Read all Melbourne’s auction results below.

https://reiv.com.au/market-insights      

 

It’s amazing to see that first home buyers are paying $1.538 million in Speight Street, Thornbury. I bought a similar double fronted house in East Brunswick in 1995 for $168,000 as my first home and prices have gone up nine fold since then. Four bidders pushed the price well over reserve.

https://www.realestate.com.au/sold/property-house-vic-thornbury-141783268        

 

One of the biggest sales of the weekend was a 5 bedroom Toorak mansion that sold under the hammer for a whopping $10.52 million. Four bidders pushed the price well above the price the owners paid for it back in 2015 which was $7.6 million.

https://www.theage.com.au/property/news/first-home-buyers-snap-up-quirky-northcote-home-for-1-08-million-20230427-p5d3ox.html