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Auction clearance rate steady with stock levels predicted to rise in the next few months

By

Elite’s Weekly Market Wrap

29th July 2019

Good morning everyone,

Auction clearance rates were steady in the 70’s again over the weekend demonstrating we are now in a balanced market.  But in saying that, there are still some properties attracting very good interest and resulting in a runaway result.  Even though we could do with some more quality properties for sale, many vendors may need to see an increase in prices this quarter to have confidence to put their properties on the market.  That being said though, selling conditions are currently at their best they have been for quite some time.

Auction numbers were up on last week with 396 properties going under the hammer with 249 selling at auction and 39 before auction.  In addition, there were 148 private sales. The clearance rate on houses was remarkably higher this week at 77% and units/apartments 68%.

Biggest congratulations this week to our buyer who secured a beautiful home in East Melbourne last week off market.  With stock levels down the importance of off market properties is greater in order to provide a buyer with more choice.  Whilst the amount of off market properties is not huge, our team at Elite are tirelessly working to find more options for our clients.  When we find a property that ticks all the boxes, it can be a great outcome for both buyer and seller.

Have a great week and stay warm.

Kind Regards,

 

The Team at Elite.


 39 Barry Street, Brunswick  Sold for $752,000

4 Bidders tried to secure this unlivable house in Brunswick.  Brunswick continues to be popular due to its close proximity to the city and prominent cafe lifestyle. The property had a heritage overlay which limited the buyers interested however the property still sold $70,000 above reserve for $752,000.


2B Beltane Avenue, Brighton East   Sold for $987,000

A near new, single level two bedroom two bathroom townhouse with no common property in Brighton East was largely popular with downsizers.  Although it was a younger buyer who took away the keys securing the property for $107,000 over reserve for $987,000.


100 Elsie Grove, Chelsea   Sold for $1,230,000

The outer Bayside suburbs continue to be popular due to the more affordable price point than the Bayside suburbs closer to the city. Seven bidders tried to secure this renovated family home with pool on 851 sqm selling $70,000 over reserve for $1,230,000.


Clearance Rates
Melbourne

June 27-28 2019
This week: 670 Auctions

Clearance: 73%

Last Year: 72% [source: REIV]

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