Melbourne’s property market is having one of its slowest spring seasons ever as there was only 360 auctions on the weekend with a 69% clearance rate. This has not been helped by the new auction vendor disclosure laws. Last year there were 56% more auctions for the same weekend with 826 auctions and a much higher clearance rate of 82%. Read Melbourne’s auction results below.
https://reiv.com.au/market-insights/auction-results
There are going to be more sales where owners have bought at the peak of the market back in 2018 to 2022 and are now reselling for losses on what they paid. This was the situation with 18 Belle Vue Road, Balwyn North that sold for $2,270,000 a whopping $500,000 below what the owners paid in 2018 when they paid $2,726,000
https://www.realestate.com.au/sold/property-house-vic-balwyn+north-152141784
Popular school zones like Strathmore Secondary College Zone are key attractions for families when buying properties like 11 Wright Street, Essendon which sold for $2,210,000. The 4 bedroom 3 bathroom home on a smaller block of 498sq metres sold $110,000 above the $2.1 million dollar quote range.
https://www.realestate.com.au/sold/property-house-vic-essendon-152265884
Even though Melbourne’s property market is definitely a buyers market, there are still some runaway results as seen with 25 The Circuit, Gladstone Park which sold for $801,000. 5 bidders pushed the home $110,000 above the reserve and well above the $680,000 opening bid. The owner had it as an investment property and one of the main reasons he sold it was because of the rising compliance rental costs and his land tax having tripled because of our state government’s high tax grabs.
https://www.realestate.com.au/property-house-vic-gladstone+park-152377360