The Melbourne property market continues to offer buyers more opportunities as the clearance rate was 72% from 701 auctions this weekend. That is well below the 86% clearance rate from a smaller volume of 431 auctions last year for the same weekend as the market is definitely favouring buyers compared to last year.
https://reiv.com.au/market-insights/auction-results
One of the strongest auction results was for the waterfront property at 690 Nepean Highway, Carrum which sold for $3.1 million. The 5 bedroom 3 bathroom home on 671sq metres had direct access to the beach making it a unique and widely sought after property.
https://www.realestate.com.au/sold/property-house-vic-carrum-150773728
Single level units continue to be in strong demand as seen with the sale of 1/14 Drake Street, Brighton which sold for $2.9 million. The 3 bedroom 2 bathroom home on a small low maintenance block of 363sq metres sold in 2015 for $2.4 million.
https://www.realestate.com.au/sold/property-house-vic-brighton-150813132
Who would have thought we would be seeing auction results over $2 million in Preston now? I can remember growing up there and our family home in Scotia Street sold not far from there in 1995 for $122,000. Now we are seeing a 4 bedroom 2 bathroom home at 3 Kendall Street, Preston sell for $2.3 million. The house was on a 468sq metre block and it sold in 2020 for $1.5 million.
https://www.realestate.com.au/sold/property-house-vic-preston-132857514