Melbourne’s clearance rate dropped below 80% for the first time for months with a 77% clearance from 822 reported auctions on a super Saturday weekend where there were over a thousand scheduled auctions. This rate was lower than last year where the clearance rate was 83% from 918 auctions. Read Melbourne’s auction results below:
https://reiv.com.au/market-insights/auction-results
One of the strongest auction sales was 43 Park Drive, Parkville where the 5 bedroom 3 bathroom home on 300 square metres sold for $4.7 million. The updated home in this popular Parkville location was quoted at $4.5 million plus.
https://www.realestate.com.au/sold/property-house-vic-parkville-150121560
There continues to be some runaway standout results as seen where a former Fitzroy North milk bar sold for nearly a million dollars over reserve. The property at 558 Rae Street was quoted at $3.9 million plus and sold for $5.1 million with a young family beating three other young families and an older couple that bid for the property.
https://www.realestate.com.au/sold/property-house-vic-fitzroy+north-150110596
Turnkey properties continue to be in strong demand with families as seen with the sale of 4 Wallace Street, Bentleigh East which was quoted at $1.5 million plus. A young couple beat two investors to pay $1.8 million dollars, over $200,000 above the reserve.
https://www.realestate.com.au/sold/property-house-vic-bentleigh+east-150124852
Northcote’s median house price used to be around $120,000 about 3 decades ago but now weatherboard houses are selling for $2.6 million as seen with 11 Woolhouse Street in Northcote. The 4 bedroom 3 bathroom renovated house with pool was quoted at $2 million plus and the 4 bedroom 3 bathroom home was only on 348 square metres of land.
https://www.realestate.com.au/sold/property-house-vic-northcote-150111976