Market Update May 30th 2023
By | 30th May 23

Market Update May 30th 2023

Melbourne’s property market continued its consistent run with a 81% clearance rate from 629 auctions.  There was a much lower volume compared to the 1162 auctions the same weekend last year where the clearance rate was 69%.  Read all of Melbourne’s auction results below.

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

 

Melbourne’s biggest auction result for the weekend was a five bedroom home in Black Rock that sold in Red Bluff Street with three bidders.  A young family won the keys, pushing the price to $5,732,000, well above the $4,800,000 to $5,000,000 price guide.

https://www.realestate.com.au/property-house-vic-black+rock-142072404

 

The entry level end of the market continues to be rock solid in Melbourne.  A house in Katrina Drive, Gladstone Park sold for $880,000 with a young first home buyer winning the keys from 8 bidders.  It sold for $108,000 above reserve, well above the $530,000 the owners paid for it back in 2016. 

https://www.realestate.com.au/sold/property-house-vic-gladstone+park-142076564