Market Update 1st June 2021
By | 2nd Jun 21

Melbourne’s property market again was turned upside with the snap lockdown seeing all auctions cancelled or converted to zoom auctions. The clearance rate still stayed a very strong 94% when there were over 1400 auctions scheduled but many were cancelled or were changed to zoom auctions. The first home buyer end of the market continues to be strong as we saw with the Vendor Advocacy sale of our 2 bedroom apartment in Docker Street, Elwood. This was converted to a zoom auction on Saturday with 6 first home buyers all fighting it out for the keys. It sold for $635,000 ($45,000 above reserve) with young first home buyers dominant and investors again still nowhere to be seen. Read all of Melbourne’s auction results here.
 

We were also able to secure a property before auction for a client in Vida Street, Aberfeldie for $978,888 with competition from an number of other bidders. We had a very happy client as the recent sale of a property down the road just sold $1,490,000 so there are still some good buying opportunities still around in Melbourne.
 

There continues to be solid results in Melbourne’s middle suburbs for family homes as 4 bidders fought it out at 15 Norwood Road, Caulfield North. One young family bought the property for $1,445,000, $445,000 over reserve with competition from a number of young upsizing families.