The Melbourne property market passed its first test for the year with a strong 79% clearance rate from a super Saturday volume of 1033 auctions with over 66 million dollars worth of auction sales. There was only a small volume of 164 auctions last year for the same first weekend after the school holidays with a 87% clearance rate. Read all Melbourne’s auction results below.
https://reiv.com.au/market-insights/auction-results
Who said that Melbourne’s property market has slowed down due to a pending interest rate rise when there were 8 bidders bidding for 345 McGrath Road, Wyndham Vale. The house which was quoted at $530,000 plus sold for 627,500 well above expectations with first home buyers being dominant.
https://www.realestate.com.au/sold/property-house-vic-wyndham+vale-149923728
There was strong bidding from a number of different market segments for 6 Cecil St, Frankston which sold for $1,085,000 even though the property was fire damaged. It was on 1,000sq metres of land 4and bidders pushed the price well above the $950,000 plus price point to sell for $1,085,000.
https://www.realestate.com.au/sold/property-house-vic-frankston-149939968
Land is highly sought after in popular suburbs such as Warrandyte where a property on 5 acres at 86-90 Harris Gully Road, Warrandyte sold for $1,681,000. The property sold in 2023 for $1,350,000 and increased in value by over $330,000 in a few years.
https://www.realestate.com.au/sold/property-house-vic-warrandyte-149918272