Market Update 9th March 2021
By | 11th Mar 21

Melbourne’s property market continues its solid performance with a clearance rate from a smaller volume of auctions due to the Labour Day long weekend. There continues to be solid demand across most sectors of the market and this looks to continue into the rest of the year. Read all of Melbourne's suburb auction results here.

 

There’s real fear of missing out setting in to Melbourne’s marketplace as many of the auctions we are now attending, are seeing 5-6 bidders on average and reserves being smashed by $200,000 - $500,000. This will see buyers becoming more aggressive and frustrated as they miss out and push themselves to higher budgets when the next auction comes around.

 

We would expect the First Home Buyer end of the market to continue to be solid, as well as the family home market which is going gangbusters. The Melbourne property market at the moment is really being driven by many young upsizing families and downsizing families in the middle section of the market and this looks set to continue. There are not enough family homes to satisfy the demand of families in Melbourne’s market place at the moment.