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Melbourne set to overtake Sydney’s population by 2027

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There was another high auction volume weekend with 1,139 auctions reported to the REIV producing a clearance rate of 75% (same as last week).  591 properties sold at auction, 258 before auction and there were an additional 257 private sales.  The 75% clearance rate is a welcome relief to buyers (possibly only short term) as the heat in the property market eases.

The Australian Government Centre for Population released data last week predicting that Melbourne’s population is set to overtake Sydney within the next five to six years.  This is earlier than what was originally predicted, even with the pandemic hitting.  They have predicted that Melbourne will bounce back from the lockdowns quickly and population will start to rise again.  They also highlighted the huge property affordability issues in Sydney as one of the main drivers for the population growth.  This also should have a flow on effect into the larger regional towns of Victoria, for example, Geelong, Ballarat and Bendigo.  In due course, these population growth figures could add some further pressure on property prices, even with the predicted interest rate rises to come in a couple of years.

There has been some extraordinary sales in Albert Park over the past couple of months and another property went under the hammer on Saturday which sold well above the reserve price.  20 Moubray Street, Albert Park is a renovated, 4 bedroom, 2 bathroom, 1 car park, double fronted period home on 360 sqm of land.  The property was quoted $6,000,000 to $6,600,000 prior to auction.  Six bidders participated in the auction with the opening bid at the top of the quoted range.  The property sold for a huge $9,175,000 which was well above the vendors expectations.

Over in the western suburbs, 30 Coral Avenue, Footscray went under the hammer and was hugely contested with first home buyers being the main demographic wanting to secure the property.  Four bidders participated in the auction with the property selling for $1,216,000 which was well above the $1,095,000 it sold for in January this year.

This is the last market wrap for 2021 and from the whole team of the Elite, we wish you a very happy holiday season and we can’t wait to see you in 2022.

Kim Easterbrook

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