The Melbourne property market has definitely kicked into another gear as we see the market conditions now turning to being more of a sellers’ market. The clearance rate was the highest rate for the year being 90% from 443 auctions. This is an 11% improvement from last year where the same weekend was 79% from 509 auctions. We expect there to be further improvements with more rate cuts in the near future.
One of the most competitive auctions on the weekend was the sale of a 2 bedroom terrace at 124 Coppin Street, Richmond. 7 bidders competed for the 2 bedroom terrace which was quoted $890,000 plus and sold for $1,007,000. The winning bidders were first home buyers
and they beat upgraders and other first home buyers for the keys.
https://www.realestate.com.au/sold/property-house-vic-richmond-148268612
There is even interest now from builders and renovators that deserted the market in the last few years. Two builders and a renovator battled for a 3 bedroom house that needed major work at 4 Hodder Street, Brighton East. The aged home was quoted at $1,800,000 plus on 773 sq metres of land and sold for $1,980,000 with the builder beating the renovator in a competitive auction.
https://www.realestate.com.au/sold/property-house-vic-brighton+east-148242672
Demand continues to be solid for family homes in Melbourne’s blue chip inner suburbs. A house at 38 Spensley Street, Clifton Hill sold for $1,800,000, $200,000 over reserve. The double fronted Edwardian at 38 Spensley Street had 3 bidders, all owner occupiers, fighting to secure a property today versus paying more in the future.
https://www.realestate.com.au/sold/property-house-vic-clifton+hill-148246748
