Weekly Market Update - 7th August 2019
By Advantage Property | 6th Aug 19
In December, clearance rates were hovering around the 40% mark and now they’ve almost doubled in a short period of time Melbourne’s clearance rate on the weekend was 76% from 375 auctions. There continues to be a definite improvement in the market place with runaway results becoming more common.
We are seeing an average of 5-6 bidders at most good quality properties auctions that we’re attending. We were delighted to have 6 bidders that fought it out for a 2 bedroom townhouse in Buckingham Street, Richmond through our Vendor Advocacy Service that ended up selling for $45,000 above reserve.
The strongest result we’ve seen in the last few months was for a house in The Boulevard, Port Melbourne with bay views which sold for $2.1 million, selling $440,000 above reserve with 4 bidders pushing hard for one of the strongest results of the weekend. There was also another very solid result at 333 Moray St, South Melbourne where a house sold for $123,000 above reserve with 5 bidders bidding strongly and a townhouse in Burnley Street Richmond also sold for $328,000 above reserve on a busy main road.