Melbourne market is shifting towards more of a buyers markets with a reduced clearance rate of 73% from 448 auctions. This is well below the 86% clearance rate from a larger volume of 720 auctions for the same weekend last year. Read Melbourne’s auction results below:
https://reiv.com.au/market-insights/auction-results
The highest auction result for the weekend was 11 Cleveland Street, Northcote sold for $2,160,000 which was a 3 bedroom 2 bathroom house quoted $1,950,000 plus. It goes to show that that not all properties go up in value as the owners paid similar money of $2,150,000 a year ago.
https://www.realestate.com.au/sold/property-house-vic-northcote-150645068
Developers and builders are coming back into the Melbourne market as they are seeing good value for money compared to interstate investing. A house at 417 Dorcas Street, South Melbourne sold for $2,010,000 even though it was in a main road and was literally land value on 367sq metres with 3 bedrooms and 1 bathroom.
https://www.realestate.com.au/sold/property-house-vic-south+melbourne-150624416
The entry-level end of the market continues to be rock solid as was seen with 23 Mountleigh Circuit, Craigieburn which sold for $740,000. 4 bidders pushed the price well above the $660,000 plus price quote and a Sydney investor won the keys as they are seeing great value for money in Melbourne’s market.
https://www.realestate.com.au/sold/property-house-vic-craigieburn-150582408