Increased Confidence in the Market
The month of April is always a busy one, with school holidays, the Easter long weekend and Anzac day all in the mix. However, Victoria still saw 2,513 auctions for the month which performed at a clearance rate of 55%. These numbers were slightly lower than the same month in 2018, which saw 2,933 homes go under the hammer with a clearance rate of 68%.
Despite the lower clearance rates, we have seen an increased confidence in the market throughout the inner city during April, as inspections were highly attended and auctions more competitive. This has resulted in our office achieving a clearance rate of approximately 70% for the month. Highlighting this are just some of our auction results for the month below:
13 Duke Street, Windsor – Selling prior to auction for over $1,100,000 with 3 separate offers.
35/65 Station Street, Malvern – Selling for over $600,000 with 4 bidders.
8/5 Warner Street, Malvern – Selling for $50,000 over reserve with 4 bidders.
Amidst the doom and gloom of Melbourne’s property market showcased in the media, our experience at the coal face is that the market is feeling more buoyant than at any point over the last 9-12 months. With stamp duty savings still in place, we are seeing first home buyers continue to be out in force for properties under the $750,000 mark, and are finding that homes that have been presented, priced and promoted in their best are proving very attractive to the buying market.
Speak to us to find out how best this can be applied to your home.