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Melbourne’s median house prices drops for the 2nd quarter but could this be the last fall?

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Elite’s Weekly Market Wrap

22nd July 2019

Good morning everyone,

The clearance rate held in the 70’s over the weekend with a rate of 71% achieved over the weekend on 285 auctions.  178 sold at auction, 24 before auction and additional private sales 170 bringing the total sales for the week 374.  Interestingly we are noticing less properties are passing in on vendor bids and rather on genuine bids which demonstrates that most auctions now are attracting interest and participation from buyers.

The REIV released data on the weekend regarding the median house prices for both Metropolitan Melbourne and Regional.  The Melbourne median price has now fallen for a consecutive 5th quarter to $785,000.  A drop of 1.1%.  The sentiment in the market, however, is demonstrating that this could be the last drop that we see and we really did not see confidence come back until after the election which is not fully reflected in this data.  Our expectation is to see a rise in the median price in the next quarter’s data which will be released in October.

Enjoy the sunshine today everyone.

Kim Easterbrook and the team at Elite Buyer Agents.

Have a great week.

Kim Easterbrook and the team at Elite Buyer Agents.


 39 Ironbark Dve, Templestowe Lower Sold for $1,350,000

A five bedroom unrenovated home in good condition on 796 sqm went under the hammer and attracted strong bidding from five parties.  The 50 year old family home sold to another family for $350,000 over the $1,000,000 reserve.


60 Pakington St, St Kilda   Sold for $843,000

St Kilda’s worst house which was deemed unliveable due to structural issues went under the hammer over the weekend and was in hot demand.  Six bidders drove the price to $843,000 which was $100,000 over reserve.


17/49 Head St, Brighton   Sold for $1,522,000

Demand for entry level properties in Melbourne’s most expensive suburbs is still strong.  Downsizers secured this property over three other bidders for $1,522,000 which was well over the price guide of $1,300,000.


Clearance Rates
Melbourne

June 20-21 2019
This week: 282 Auctions

Clearance: 71%

Last Year: 63% [source: REIV]

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