Weekly Market Update 1st March 2022
By | 28th Feb 22

Melbourne’s property market passed another super Saturday test with a 76% clearance rate from a reported 1021 auctions. The market continues to move from a seller’s market to a more balanced market this year. The clearance rate was 84% the same time last year from 1126 auctions. 

Bayside locations like Brighton continue to see strong demand from buyers seeking a lifestyle change. There was much interest in a 3 bedroom brick veneer house which sold for more than $1.2 million over reserve. The 3 bedroom home in Emily Street sold for $3.51 million, well above expectations.

Period style homes in Melbourne’s inner bayside suburbs continue to see strong demand. Four bidders pushed the price of a weatherboard in Ashworth Street, Albert Park to $3,390,000, $319,000 above reserve. A young family ended up winning the keys.