Weekly Market update - 27th August 2019
By Advantage Property | 27th Aug 19
Melbourne’s property market continues its strong performance with a year high clearance rate of 81% from auctions. This is a two year high clearance rate and we are continuing to see strong runaway results with an average of five bidders at auctions and reserves being smashed by over $100,000 at the good quality properties.
The strongest result on the weekend was the sale of a three bedroom semi detached house in Canberra Rd, Toorak which sold for a whopping $410,000 over the reserve. Four bidders pushed the price well above the reserve to sell for $2,060,000 with a first home buyer winning the keys.
The biggest change in the market has come about because investors are now back in town! Villa units continue to be popular option with many buyers, we saw an investor win the keys at an auction bidding against three first home buyers in Burrow St, Brighton. The unrenovated villa unit sold for $893,000, $148,000 or 19.7% over the reserve.