Market Update 12th November 2019
By | 12th Nov 19

Melbourne continued its recent strong results with a 73% clearance rate from a large volume of 705 auctions. The weekend was dominated by The Block auctions where five houses on Grey Street, St Kilda all went under the hammer. We had a busy day bidding on all five of the houses and securing our eighth property on The Block over the last 11 Melbourne series that we have bid on.

We were delighted to buy for our repeat client who missed out on the Gatwick last series and we secured Deb and Andy’s property for $3,420,000 for a local investor. Our investor clients are looking to rent it out and use it as a Melbourne base in the future.

We bid for a number of other investors as well tihough t is important to stick to your budget and not get caught up in the hype of The Block. We have now bid on 40 of the 48 Block properties and more important than buying 8 properties is walking away when the price isn’t right. It was a great night for the contestants as the low reserves of $2,990,000 gave them a great windfall and they won $2,392,000 in total prize money which is approximately $470,000 each.  This is a lot more than the last Gatwick series. We look forward to hopefully being involved in our 12th Melbourne series next year in New Street, Brighton when they relocate older houses like the Elsternwick series.