The Melbourne property market continues its low volume compared to normal spring selling seasons as there+ was only 499 auctions with a 70% consistent clearance rate. This is well below last year where there were almost double the amount of auctions with 974 auctions and a much stronger clearance rate of 85%. Read Melbourne’s auction results below.
https://reiv.com.au/market-insights/auction-results
Land value increases and prices don’t go backwards for too long in many of many of Melbourne’s inner bayside suburbs like Elwood where I’ve lived for the last 26 years. I remember buying a fully renovated house on a larger block in Foam Street for only $556,000 in 2000 and an unrenovated original house for 28 Addison Street on a smaller block just sold for $1,720,000 with 4 bidders competing and showing that prices don’t go backwards for too long.
https://www.realestate.com.au/sold/property-house-vic-elwood-152142156
There are definitely more auctions where there’s only a single bidder and buyers have the upper hand now as seen with a 3 bedroom house at 54 Elliott St, Cheltenham. There was only the one bidder and it was passed into them and they were able to negotiate below reserve and buy it for $1,190,000.
https://www.realestate.com.au/sold/property-house-vic-cheltenham-152100100
One of the strongest results on the weekend was for a turnkey ready to move into property at 5 St Aubin Street, Beaumaris which sold for $2,450,000. The 5 bedroom 2 bathroom house was on a good size family friendly block of 724sq metres and sold just over the $2.4 plus quote range. The owners had bought the property for $1.67 million back in 2011.
https://www.realestate.com.au/sold/property-house-vic-beaumaris-152050948