Weekly Market Update - July 31, 2019
By Advantage Property | 31st Jul 19
Its remarkable how quickly the Melbourne property market has changed since the election only a couple of months ago. Melbourne’s clearance rate was a solid 73% from 396 auctions and its been consistently above 70% for the last months clearance rates. This shows that there is a better balance between buyers and sellers and we are moving away from the seller’s market we had late last year and early this year where clearance rates were as low as 40-45% as there were too many buyers and properties as well.
There continues to be solid results in the apartment sector where we saw last year many apartment auctions were even cancelled because there was a lack of interest with no bidders However on the weekend two apartments had five bidders in Malvern Rd Glen Iris and Hull St Richmond and this is a massive change from the previous year’s apartment auctions that were cancelled.
Though there has still been little growth in that apartment sector as prices are selling for what they were selling for 5-7 years ago. However there is definitely much more demand as first home buyers are the dominant force in the entry level market. The $1.5 -2 million sector has definitely picked up as it was struggling late last year, We saw another very big result of a 2 bedroom terrace in Little Page Street Albert Park that had no parking but did not deter five buyers bidding for the property and it ended up selling for $1,510,00.00, $160,000 or 12% over the $1,350,00 reserve.