It continues to be more of a buyers market in Melbourne where the clearance was 71% from 428 auctions. This is very much a different market from last year where it was more of a sellers market where the clearance rate was 86% from 936 auctions. Read Melbourne’s auction results below.
https://reiv.com.au/market-insights/auction-results
Well located properties are still widely sought after in the current buyers market. We were up against 3 bidders for a trophy style boutique block of 4 apartments backing onto a park in Brighton East which we purchased for $2,615,000. Our Group Block syndicate strategy will be able to create some good fast equity by purchasing the whole block and beating strong other competition on the day.
https://www.realestate.com.au/sold/property-unitblock-vic-brighton+east-152361260
One of Melbourne’s biggest sales was 58 Vine Street, Moonee Ponds which sold for $2,817,500. The 5 bedroom 3 bathroom home passed in with 2 bidders. It had city views and ended up selling to a local upsizer who pushed over the $2.7 million plus price quote. The owners had bought it for $2,150,000 in 2021 so they are making a handy profit although they did do some renovations before sale.
https://www.realestate.com.au/sold/property-house-vic-moonee+ponds-152356472
We continue to be amazed at some of the properties achieving prices of $2 million in the Northcote area. I can remember buying in neighbouring Brunswick East in 1995 for $168,000 and now you are paying $2 million for a weatherboard house at 16 Hakatere Street, Northcote. The property sold in 2017 for $1,316,000. The 3 bedroom 2 bathroom home was on a smallish 488sq metre block.
https://www.realestate.com.au/sold/property-house-vic-northcote-151573220