Market update May 5th 2023
By | 5th May 23

Market Update May 5th 2023

Who would have thought Melbourne’s clearance rates would be at such healthy levels after all the negative talk a year ago?  Melbourne’s auction clearance rate was 78% from a small volume of 610 auctions compared to a lower 73% auction clearance rate last year with a high-volume of 1028 auctions. Read all Melbourne’s auction results below.      


It’s amazing to see that first home buyers are paying $1.538 million in Speight Street, Thornbury. I bought a similar double fronted house in East Brunswick in 1995 for $168,000 as my first home and prices have gone up nine fold since then. Four bidders pushed the price well over reserve.        


One of the biggest sales of the weekend was a 5 bedroom Toorak mansion that sold under the hammer for a whopping $10.52 million. Four bidders pushed the price well above the price the owners paid for it back in 2015 which was $7.6 million.