Market Update 21st July 2021
By Advantage Property | 22nd Jul 21
Melbourne’s property market had to endure another shutdown with the news of no inspections or auctions coming only a short time before the weekend. This meant that many auctions were cancelled as there were originally over 1000 scheduled auctions, but only 525 went ahead . There was a strong 92% clearance rate, compared to 78% for nearly 1000 auctions the week before.
There continues to be strong demand for renovators delights in Melbourne’s inner suburbs. A rundown period house at 127 Barkly Street Fitzroy North sold for $2,030,000 with cracks throughout the property. Four bidders pushed the sale $423,000 over the reserve price.
Villa units continue to be gold and in hot demand with first home buyers and downsizers. A villa unit in Windsor Crescent, Surrey Hills sold for $925,000 with nine bidders pushing it $125,000 over reserve. Two first home buyers competed strongly at the end of the auction