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Melbourne Property Market withstands its first test on higher auction numbers

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Elite’s Weekly Market Wrap

23rd  September 2019

Good morning everyone!

It was a very busy weekend with 796 properties going under the hammer.  538 properties sold at auction, 88 sold before auction and 1 sold after.  In addition, there were 136 private sales.  There was a significant difference in the clearance rate with houses vs units with 81% of houses selling at auction and 75% of units/apartments.

Although we are continuing to see strong sales results, on the weekend we did witness some auctions that passed in with only one bidder.  The property market is still presenting the odd opportunity out there however they have become fewer and far between.

There will be very few auctions next weekend due to the AFL Grand Final and therefore the market wrap will return on the 7th of October.

Enjoy the long weekend!

Kind Regards,

Kim Easterbrook and the team at Elite.


 16/58 The Avenue, Windsor Sold for $658,000

This very well located, private, two bedroom apartment was auctioned in front of a 100 plus crowd.  The property was quoted at $500,000 to $550,000 prior to auction so the opening bid of $575,000 clearly knocked out some buyers. It didn’t deter another 4 bidders though until one man was left standing at $658,000 where he took away the keys.


2 Ferguson Street, Ferguson Street Sold for $1,357,000

This unrenovated, two bedroom house in a popular Brighton East location was hotly contested at auction on Saturday.  A buyer’s advocate opened the bidding at $1,050,000 on a property quoted at $1,000,000 to $1,100,000 prior to auction.  Another four bidders decided to participate in the auction with the property selling for nearly $300,000 over reserve at $1,357,000.


66 Rosedale, Glen Iris Sold for $3,420,000

Many family homes were struggling to sell last year but this year the buyer sentiment for these type of homes has certainly changed. This one was no exception with three bidders trying secure the property.  The bidding kicked off at $2,700,000 at the higher end of the price quoted and was announced on the market at $2,900,000.  The bidding continued and the property sold for a huge of $3,420,000.


Clearance Rates
Melbourne

23rd September 2019
This week: 796 Auctions

Clearance: 79%

Last Year: 57% [source: REIV]

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