Market Update 12th August 2021
By | 12th Aug 21

Market Update 12th August 2021

Melbourne’s snap lockdown has again affected Melbourne’s property market with a number of auctions postponed, changed to Zoom auctions or changed to private sale by negotiation. The clearance rate was again a strong 90% from a much lower volume of 397 auctions. Though, last year there were only 182 auctions on the same weekend, with an identical 90% clearance rate. Read all of Melbourne’s auction results below. https://reiv.com.au/market-insights

 

 

Families continue to compete strongly for period style family homes. A house in Hamilton Street, Seddon soared $260,000 over reserve and sold for $1,567,500. Four bidders ended up fighting it out and a young upsizing family won the keys.

 

Single level villa units continue to be in strong demand in many Melbourne suburbs. Our Vendor Advocacy client sold a two bedroom villa in Wright Street, Brighton for $975,000, which was $50,000 above the reserve with strong interest. Villa units have land content and continue to achieve good growth, as we purchased this property for our clients in 2008 for $465,000