Market Update 15th April 2024
By | 15th Apr 24

Melbourne saw another consistent clearance rate with 518 auctions and a clearance rate of 75% from the low auction numbers. For the same weekend last year, the clearance rate was similar with a 79% from a similar number of 598 auctions. Read all Melbourne’s auction results below. https://reiv.com.au/market-insights

Is fear of missing out (FOMO) back again? It certainly was at an auction in Coburg where there were 12 bidders. A house in Higginbotham Street sold for $1,256,000, $156000 or 14% over the reserve. A young couple won the battle from 11 other bidders for one of the most hotly contested auctions in recent times.

https://www.realestate.com.au/property-house-vic-coburg-144542624?sourcePage=rea:p4ep:property-details&sourceElement=avm-currently-advertised-view-listing

Investors continue to make their way back into the marketplace as conditions improve. An investor paid $172,000 over reserve to beat four bidders for a townhouse in Burwood. The townhouse at 2/29 Ireland St had strong competition as it was a turnkey modern property.

https://www.realestate.com.au/sold/property-townhouse-vic-burwood-144613192?sourcePage=rea:p4ep:property-details&sourceElement=avm-currently-advertised-view-listing