Melbourne’s property market is definitely turning from a buyers’ market to a sellers’ market with an 83% clearance rate from 563 auctions. The clearance rate last year for the same weekend was 79% from 767 auctions. Read Melbourne’s auction results below:
https://reiv.com.au/market-insights/auction-results
One of Melbourne’s strongest auction results was the sale of a house in Madden Street, Balwyn North which sold for $4,210,000 and was in the coveted Balwyn North high school zone. The house on 962 sq meters sold well above the $3,200,000 plus price guide.
https://www.realestate.com.au/property/5-madden-st-balwyn-north-vic-3104/
Modern turnkey properties continue to be big winners in Melbourne’s property market as we’ve seen with 51 Cashin Street, Inverloch which sold for $1,210,000. The property had 3 bidders pushing it well above the $1million plus price range to smash the reserve by $210,000.
https://www.realestate.com.au/property/51-cashin-st-inverloch-vic-3996/
Melbourne’s eastern suburbs continue to be popular with families as we saw with the sale of 2 Plain Court, Templestowe. The property bought in 1996 for $157,000 and sold as a rebuild for $3,160,000.
https://www.realestate.com.au/sold/property-house-vic-templestowe-148135456
Warehouse conversions in Melbourne’s inner suburbs continue to be popular with many buyer demographics. 3F/68 Oxford Street, Collingwood sold for $1,025,000 with 3 bidders pushing it well above the $950,000 plus price range with an upsizing couple winning the keys.
https://www.realestate.com.au/sold/property-apartment-vic-collingwood-148137820