November Market Update 2019
By | 10th Dec 19

Melbourne’s clearance rates continued to be solid throughout the month, sitting around the mid 70’s mark for most of the month. There continues to be strong demand at many auctions with multiple bidding and many reserves being exceeded by 5-10% or more. There also continues to be a number of suburb records being smashed and there was one in Howe Crescent, South Melbourne which set a new record, selling for $13,500,000 showing how much the market has changed since the election.

Also demonstrating how much the market has moved was a property in Yarra Grove, Hawthorn that was on the market for 100 days from February to May earlier this year with a price tag of $3,500,000 and couldn’t sell. The same property just sold at auction for $4,150,000 clearly showing how much the market has improved. We also had a Vendor Advocacy client who sold in Glenelg Ave, Frankston for $650,000 when earlier this year they couldn’t get an offer over $600,000 with another agent.

We were again excited to be involved in our 11th Block auction series in a row. This also showed how strong the market is with properties on Grey Street, St Kilda still achieving strong results, even with many still feeling it was a challenging location. We were happy to assist a local investor purchase our 8th property on The Block after they missed out on an apartment in the last Gatwick Block series.