Melbourne’s property market took a breather with only 104 auctions because of the Grand Final long weekend with a clearance rate of 77%. This is a smaller volume to last year where there were 146 auctions and a much higher clearance rate of 88%. Read Melbourne’s auctions results below.
https://reiv.com.au/market-insights/auction-results
There are still some runaway results in Melbourne’s property market as seen with an auction at 75 Webb Street, Fitzroy which sold for $1,950,000. A young professional couple beat 3 other bidders and paid $200,000 over the reserve.
https://www.realestate.com.au/sold/property-house-vic-fitzroy-152161284
Renovated properties ready to move into are the properties with the strongest demand at the moment. 4 Peter Street, South Yarra had 3 bidders and sold for $2,050,000, $35,000 over reserve with the 5 bedroom 2 bathroom house being ready to move into.
https://www.realestate.com.au/sold/property-house-vic-south+yarra-152151108
Smart developers are building more 3 bedroom larger apartments as these are widely sought after by downsizers. A large 3 bedroom apartment sold for $1,905,000 at 205/363 High Street, Ashburton. These apartments are widely sought after by downsizers who don’t want the maintenance of a backyard anymore but want the same house size and 3 bedroom configuration.
https://www.realestate.com.au/sold/property-apartment-vic-ashburton-152155364