Market Update 22nd October 2019
By | 22nd Oct 19

Melbourne’s property market continues it's recovery with a strong 76% clearance rate from 642 reported auctions. There was again strong demand at many of the auctions we attended with some strong run away results. The biggest result of the weekend was a house in Barina Road, Glen Iris which sold for a massive $650,000 above reserve. The modern home sold for $3,050,000, well above its $2,400,000 reserve.

Family homes continue to be in strong demand and we unfortunately missed out on two over the weekend for an upsizing and downsizing family. There was a huge crowd with over 7 bidders against us at a weatherboard home in the outter suburb of Boronia which sold for $880,000, $150,000 above the reserve and well above our upsizing families budget. We also missed out for a downsizing family on a single level unit in Ferndale Road, Glen Iris which sold for $1,400,000 which was $200,000 above the reserve. Four bidders pushed the price well above our clients budget. There continues to be a lack of stock which is causing further challenges for buyers when they are trying to get into the market place.