Melbourne’s property market started its spring selling season with a strong 86% clearance rate from 654 auctions. This is well above last years 78% clearance rate from a larger volume of 807 auction results for the same weekend. Read Melbourne’s auction results below.
https://reiv.com.au/market-insights/auction-results
We’re seeing more run away results as Melbourne’s property market kicks into another gear as seen with 23 Hannan Street, Williamstown which sold for $2,815,000. 5 bidders pushed the price $515,000 above the reserve price and it was sold to a young upsizing family.
https://www.realestate.com.au/sold/property-house-vic-williamstown-148711152
Another strong result was the sale of 10 Kingshott Close, Williamstown. The home sold for $1,850,000, $250,00 above the reserve and needing a renovation.
https://www.realestate.com.au/sold/property-house-vic-williamstown-148596904
The strong results in Melbourne continue as seen in Frankston where a house at 10 Alfred Place sold for $1,110,00, $255,000 over reserve with 12 investors all fighting for the keys. The owners more than doubled their money on what they paid for it 6 years ago and it was very interesting to see so many investors back as they’ve deserted the Melbourne’s property market until recently.
https://www.realestate.com.au/sold/property-house-vic-frankston-148667472
Who would have thought a house in Hillside would sell for $2,560,000 if someone asked you 10 years ago? The 5 bedroom, 3 bathroom home was on a large 4,047sq metre block and sold well above the $2,200,000 plus quote range. It was built in 1990 so it was still in reasonable condition and had been updated.
https://www.realestate.com.au/sold/property-house-vic-hillside-148591500