Weekly Market update - 17th September 2019
By Advantage Property | 16th Sep 19
The Melbourne property market continues its solid performance with a clearance rate of 77% from 616 auctions. We have our first Super Saturday this weekend with over 1000 auctions scheduled as most vendors will be in the grand final rush, trying to sell either before or after grand final weekend.
There continues to be some strong results in Melbourne and there was a huge result of a Penthouse style apartment in Beach Street, Port Melbourne. The property sold for $4,340,000 a whopping $1,540,000 or 55% over reserve. Downsizers fought strongly for this property and the owners made a great profit as they purchased in 1999 for $975,000.
Our group Blocks clients got some great results over the weekend. They had success renovating properties and flipping them. We had a client who purchased in Embankment Grove, Chelsea through our group block strategy for $475,000 and did a cosmetic renovation and sold the property for $691,000. Our client who purchased in Clovelly Avenue, Glenroy earlier this year for $310,000 also sold over the weekend for $510,000 after doing a cosmetic renovation.