Melbourne property market continued its consistent run with a 74% clearance rate from 381 auctions. This is again more of a buyers market then last year where the clearance rate was 85% from a larger volume of 556 auctions. Read all Melbourne’s auction results below:
https://reiv.com.au/market-insights/auction-results
There continues to be some surprising runaway results in Melbourne’s market. A 3 bedroom Mount Waverley unit had interest from 5 buyers and sold $100,000 above the guide. It sold for $1,750,000 with 2 downsizers keen to secure the keys as single level living is widely sought after.
https://www.realestate.com.au/sold/property-unit-vic-mount+waverley-151712512
Modern townhouses continue to see good demand from buyers that do not want the maintenance or cost of a house. A 3 bedroom 2 bathroom townhouse on a small block of 249sq metres sold for $1.98 million even though it was on a main road, Orrong Road in Armadale. The owners had a nice windfall as they purchased it for $575,000 back in 1998 and it was quote $1.8 million plus.
https://www.realestate.com.au/sold/property-townhouse-vic-armadale-151757940
Family homes in Melbourne’s middle suburbs continue to be rock solid as seen with the sale of 12 Minto Street Kew East. The property had 4 bedroom 3 bathroom family style accommodation on a good size family friendly 659sq metres block and sold for $2,270,000. It sold well above the $2.1 million price quote and the owners paid $1.4 million back in 2014.
https://www.realestate.com.au/sold/property-house-vic-kew+east-151774800