Monthly Market Update February 2020
By Advantage Property | 25th Feb 20
Melbourne’s market continues its solid run with the auction results continuing on from where they left off from last year. Melbourne’s Auction clearance rate has been around the 75-80% for the whole month and we have continued to see strong multiple bidding at most auctions. We have continued to see FOMO (Fear of Missing Out) as buyers generally know that they are up against 4-5 bidders for good quality properties.
There continues to be some record results as we saw with a Lorne property smashing its previous record and selling for over $7,000,000. Beach boxes have also been very popular and there continues to be some strong results with a Beaumaris Beach Box selling over $400,000 and $100,000 over its reserve. There was a record price paid for an apartment in Sydney, the Lendlease yet to be built Tower 1 development at Barangaroo South sold for $140 million and is the most expensive residence in Australia. There continues to be strength and confidence the Australian property market.
Well you know the market is red hot when a 46sqm garage in Albert Park sold for a whopping $645,000. The owners would be absolutely wrapped with the result as they paid $8,000 for it in 1984 and there were 8 bidders fighting it out which shows how valuable a small piece of land is in Melbourne’s blue-chip inner suburbs. Who would have thought that this would smash the reserve by over $220,000?
Most experts are now predicting Melbourne property prices will keep rising at least 10-20% for this calendar year as Melbourne’s Median house has increased 8.2% in the last 6 months.