Melbourne’s property market took a breather due to the long weekend for the AFL Grand Final and there were only 55 auctions reported and no set clearance rate with that low volume of auctions. There was a 83% clearance rate on last year’s Grand Final weekend from a larger volume of 156 auction results. Read Melbourne’s auction results below:
https://reiv.com.au/market-insights/auction-results
Records continue to be smashed in the Australian property market as seen with a house in Rosebay which set a new auction record. The house sold for $45.1 million which set a new national auction record with four bidders resulting in this strong result showing that the market is definitely getting momentum all over the country.
https://www.realestate.com.au/sold/property-house-nsw-rose+bay-148866300
Our Group Block Syndicates Strategy continue to get great results for our clients and our repeat client had a strong valuation of $830,000 for a property at 173a Duke Street, Sunshine North. The unit was purchased through our Group Block Syndicate Strategy for $278,750 back in 2010.
https://www.realestate.com.au/property/173a-duke-st-sunshine-north-vic-3020/
Property taxes continue to scare of many investors and developers in Melbourne. Developers say they are paying $450,000 from every $1 million apartment sale going directly to property taxes and levies.