Weekly Market Update - 2nd July 2019
By | 2nd Jul 19

Melbourne’s property market continues it recovery with improving clearance rates being seen this year. This weekend’s clearance rate of 73% was from a volume of 429 auctions and the clearance rate has improved considerably compared to 6 months ago. Many auctions again continued to have three to four bidders as we saw at an auction in Tennyson Street St Kilda where we were one of 3 bidders and the unliveable house sold for $2,645,000, $205,000 over reserve.  The biggest result was for a house in Lennox Street Hawthorn which sold for $1,720,000 with six bidders pushing it $520,000 over reserve.

There’s general consensus now that housing prices falls are near the end and we are at the final fall. A number of experts now predict the top to bottom falls have only been 12% in Melbourne rather than the sensationalist 40% predicted in that bricks and slaughter story that we saw on 60 minutes a few years ago.

Melbourne is now a much more affordable market place for buyers as it is now ranked the 79th most expensive city in the world. It’s down 21 places from last year and well below Hong Kong, Tokyo and Singapore which head the list.