Melbourne’s property market continued its consistent performance with a strong 86% clearance rate from 741 auctions. This is a marked improvement from the same weekend last year when there was a 75% clearance rate from 835 auctions. Read Melbourne’s auction results below:
https://reiv.com.au/market-insights/auction-results
Investors are definitely making their way back into the market as we saw again when we were bidding for a block of units at 4 Thomas Street, Clayton. We missed out against 3 other local investors and the property sold for $2,105,000, $155,000 over the vendors reserve which was a really strong result.
https://www.realestate.com.au/sold/property-unitblock-vic-clayton-148865552
One of Melbourne’s strongest results was the sale of a renovated 5 bedroom home at 54 Derham Street, Port Melbourne. The property had 402sq metres of land and sold for $4,590,000 giving the vendors a nice profit after having purchased it in 2007 for $1,151,000.
https://www.realestate.com.au/sold/property-house-vic-port+melbourne-149083160
First home buyers are definitely back in force at the entry level end of the market. There were 5 bidders on a modern property at 4 Ravensthorpe Lane, Epping which sold for $662,000 to a local family after being quoted at $530,000 plus.
https://www.realestate.com.au/sold/property-townhouse-vic-epping-149033932
Who would have though we would see a $3,600,000 sale in Bayswater Road, Kensington. A 5 bedroom house on a good size block of 800sq metres was quoted at $2,600,000 plus and sold a million dollars more than that for $3,600,000.
https://www.realestate.com.au/sold/property-house-vic-kensington-149056384