Market Update 8th of November 2022
By | 15th Nov 22


Melbournes property market maintained its consistent clearance rate with a 70% clearance rate from 502 auctions. Again there was a much lower volume than the same weekend last year which had a 81% clearance rate from over 1070 auctions. 

The Block auctions dominated the property news this weekend and the results were consistent with Melbournes overall property market. Three of the properties sold on the day giving The Block a 60% clearance rate and again there was a run away result with Omar & Oz's house selling for $1,700,000 over reserve. We are seeing some run away results still within the Melbourne market and we saw two bidders fighting it out for a new Block record. 

Melbournes entry level townhouse properties continue to see some strong growth. A Townhouse in Koornang Rd, Carnegie smashed its $1,100,000 reserve by $126,000. Seven buyers competed for the property and it sold for $1,260,000 with a young family looking to move into the area.