Market Update 5th May 2021
By | 6th May 21

Melbourne’s property market passed another Super Saturday test with flying colours, with strong bidding and many reserves being smashed by hundreds of thousands. Melbourne’s clearance rate again 80% from 1210 auctions as many buyers are becoming frustrated due to missing out at multiple auctions. See Melbourne's auction result here.
 

Reserves continue to be smashed as was seen at an auction in Eltham which sold for a whopping $800,000 over reserve. Over 5 bidders pushed the price to a massive $3,300,000 price tag as buyers continue to extend themselves and try to catch the moving Melbourne property market.
 

There was another example of how far the market has come with a Telstra tower selling for over $500,000 over reserve with many investors battling it out for the keys. Though there are still good buying opportunities as we were able to secure a 2 bedroom unit in Cheltenham for our client for $634,000 before auction, with comparable properties down the road selling for $680,000 and $685,000 at auction. Buyers should not be afraid to make offers before auction and ask the agent whether they will accept any offers, rather just go ahead and make a strong pre-auction offer.