Melbourne must be having the quietest spring property market history as there were only 309 auctions with a 68% clearance rate. This is much lower than last year where there were 892 auctions and a 83% clearance rate for the same weekend. Read all Melbourne’s auction results below.
https://reiv.com.au/market-insights/auction-results
One of Melbourne’s strongest results was seen at 41 Thompson Street, Ormond which sold for $2,880,000. The 4 bedroom 3 bathroom home on 700sq metres was quoted at $2.7 million plus and benefited from being in the McKinnon Secondary College zone which is very popular with families.
https://www.realestate.com.au/sold/property-house-vic-ormond-152419560
The new auction reserve disclosure laws didn’t slow down 29 Little Cruikshank Street, Port Melbourne which sold for $1,252,000. Four buyers fought it out and the property sold for $130,000 above reserve even though it needed much work.
https://www.realestate.com.au/sold/property-house-vic-port+melbourne-152560016
The entry level end of the market continues to be rock solid as seen with 25 The Circuit, Gladstone Park where 4 bidders pushed the price $105,000 above reserve. The house ended up selling for $801,000 and was well above expectations.
https://www.realestate.com.au/sold/property-house-vic-gladstone+park-152377360