Melbourne must be having the quietest spring property market in history as there were only 451 auctions with a 73% clearance rate. This is much lower than last year where there were 1,398 auctions and a 83% clearance rate for the same weekend. Read all Melbourne’s auction results below.
https://reiv.com.au/market-insights/auction-results
One of Melbourne’s biggest auction results was the sale of 77 Pleasant Road, Hawthorn East. The house which was quoted at $2.75 million plus with a $2.75 million reserve and sold for $2.98 million, $230,000 over reserve. The period home was on 615sq metres of land and sold for $1.135 million back in 2015.
https://www.realestate.com.au/sold/property-house-vic-hawthorn+east-152471684
I keep getting blown away when I see some of the results in my former suburb Brunswick when a house in Halpin Street, Brunswick West just sold for $2.75 million. It sold right on the reserve and was a really strong result in the more affordable part of Brunswick being Brunswick West.
https://www.realestate.com.au/sold/property-house-vic-brunswick+west-152484356
There has definitely been a slow down at many auctions across Melbourne. We had 2 bidders at our Vendor Advocacy property at 11/39 Rockley Road, South Yarra which passed in for $880,000, below the $930,000 reserve.
https://www.realestate.com.au/property-apartment-vic-south+yarra-152516664