Melbourne’s property market has already started to feel the effect of increased interest rates as the clearance rate dropped to 73% from 928 auctions. This is well below the 85% rate from 799 auctions on the same weekend last year. Read Melbourne’s auction results below:
https://reiv.com.au/market-insights/auction-results
The first home buyer end of the market continues to see strong demand for townhouses. A townhouse at 1/7 Gladstone Parade, Glenroy sold to a first home buyer for $533,000 with much competition from entry level buyers.
https://www.realestate.com.au/sold/property-unit-vic-glenroy-150306836
One of the strongest results from the weekend was the turnkey renovated modern home at 9 Larch Street, Blackburn which sold for $2,775,000. The 5 bedroom 4 bathroom home on a good size block of 755sq metres had an entertainers pool which made it attractive for families.
https://www.realestate.com.au/sold/property-house-vic-blackburn-150337232
School zone areas always tend to be popular with young families. A house in the McKinnon school zone at 36 Capel Avenue sold for $2,430,000, pushing above the $2.35 million dollar plus quote.
https://www.realestate.com.au/sold/property-house-vic-mckinnon-150043444