Melbourne’s property market has a much lower volume of properties on the market at the moment as the auction volume was only 332 results on the weekend with a consistent 70% clearance rate. This is much lower volume than last year where there was 678 auctions on the same weekend with a much stronger 86% clearance rate. Read Melbourne’s auction results below.
https://reiv.com.au/market-insights/auction-results
Family homes continue to be highly sought after in suburbs with good schools like Essendon. A house at 45 Clarinda Road sold for $2,375,000 with 3 bidders fighting it out for the 5 bedroom 3 bathroom family friendly home on a good size 638sq metre block which overlooked a park.
https://www.realestate.com.au/sold/property-house-vic-essendon-151825724
Investors are being smashed out of the park in many instances and missing out to home buyers at many auctions. An investor lost out to two first home buyers at 65 Bambra Street, Croydon and the property sold for $880,000. There is now one less rental property as it was owned by an investor and its now been taken off the rental market.
https://www.realestate.com.au/sold/property-house-vic-croydon-151900728
Middle northern suburbs such as Preston continue to be in strong demand and a house at 40 Goodwin Street, Preston sold for $1,446,000 even though it needed a lot of work. The 3 bedroom 1 bathroom home was similar to a property my parents sold back in 1991 for $125,000 showing how much the market has
gone up as Preston was a lot more affordable in the late 70’s up to 90’s when I lived there.
https://www.realestate.com.au/property-house-vic-preston-151845052