Weekly Market update - 24th September 2019
By | 24th Sep 19

Melbourne had its first Super Saturday test with a 1000 scheduled auctions and a clearance rate of 79% from around 770 auctions reported to date. There was some strong results across all levels of the market place.

The strongest result we saw was in Clarke Street, Northcote where a family home smashed its reserve by $430,000 or 16.6%. A number of young families that were looking at renovating and buying a renovators delight ended up saying they would rather buy something already finished and paying a premium for it. The winning bidder paid $3,030,000.

There continues to be very strong demand at the first home buyer end of the market. Anywhere from $500,000 - $1,000,000 and we saw that with two vendor advocacy clients. A villa unit in Barton Street, Reservoir sold for $532,500 after we purchased it through our Group Blocks strategy and settled in 2015 for $330,000 with four first home buyers fighting it out. We also had three first home buyers interested in a townhouse in Brunswick Rd, Brunswick East which ended up selling for $1,101,000.