Market Update 8th July 2024
By | 9th Jul 24

Melbourne's property market had a smaller volume of auctions again due to the Victorian school holidays. The smaller amount of auction volume of only 392 auctions saw a consistent clearance rate of 74%. This is in line with the results on the same weekend last year where there was 488 auctions and a 75% clearance rate. Read all Melbourne's auction results below.

https://reiv.com.au/market-insights/auction-results

 

One of the biggest results for the weekend was the sale of a modern four bedroom, three bathroom home with a pool at 36 Tourello Avenue in Hawthorn East. The property on 858m2 of land was quoted at $4,000,000 plus and sold for well above this figure at $5,051,000. It was last sold for only $620,000 in 1989 showing fantastic growth.

https://www.realestate.com.au/sold/property-house-vic-hawthorn+east-145220700

 

Land value is the most important driver of a property and a house at 19 Keneally St, Surrey Hills in a fairly unrenovated condition on 705m2 sold for land value at $2,052,000. It was quoted at $1,900,000 plus and saw phenomenal growth from when it was last sold in 1983 for $60,000 as land appreciates and buildings like this weatherboard depreciate in value.

https://www.realestate.com.au/sold/property-house-vic-surrey+hills-145237256