Market Update 29th October 2019
By | 29th Oct 19

Melbourne’s property market passed its fist big Super Saturday test during the Spring season with over 1500 scheduled auctions. Melbourne achieved a clearance rate of 76% from a reported 1044 auctions and there continued to be strong bidding even though there was a large supply of properties as many vendors were trying to avoid the Melbourne Cup weekend next weekend.

Reservoir continues to be a popular suburb with many young couples as they have been priced out of many of the inner suburbs Northcote and Thornbury. Eight young couples fought it out for an unrenovated home in Royal Parade on 652sqm of land which sod for a massive price of $1,045,000. It was 23% or $195,000 over its $850,000 reserve.

We have seen the market for apartments pick up at the entry level. A 2 bedroom apartment in Rouse Street, Port Melbourne sold for $632,000, which was $42,000 above its reserve. These types of modern apartments would have struggled 12- 24 months ago but they are starting to see strong demand now with investors back in the market.