Weekly Market Update - 13 August 2019
By Advantage Property | 13th Aug 19
Melbourne’s property market continues its upward climb with another strong weekend seeing a clearance rate of 76% from 379 auctions. There continues to be an average of around 5 bidders for good quality properties that are well located. Even properties on a main road in recent times have had some solid numbers and very strong results well above reserve.
The stand out result on the weekend was a rundown house Regent Street in Yarraville which attracted 5 bidders and sold for a very strong result of $225,000 over reserve. An example of how far the market has moved was a townhouse sold in The Avenue, Prahran sold for $1,230,000. The identical property next door sold earlier this year in February for $1,070,000 showing a $160,000 or 13% improvement showing how fast the market has moved upwards.
The entry level market continues to be solid with First Home Buyers dominant. This was supported by 4 bidders bidding for an apartment in Walsh Street, South Yarra and another 4 bidders bidding for an apartment in Armadale, with both results nearly $100,000 above reserve.