Melbourne's market is dividing further into a two-speed market, with house sales soaring higher than apartments. A clearance rate of 74 per cent was achieved from 934 auctions this weekend, with 692 properties selling and 242 being passed in, 107 of those on a vendor bid. There were an additional 361 private sales reported.
Houses in Melbourne are performing better than apartments in the current market. Villa units are the one exception to this trend. Villa units broadly appeal to downsizers, investors and first-home buyers.
This trend vindicates Andrew’s recommendation to our clients from as early as mid-2014 to beyond the traditional 2 bedroom flats in the inner blue chips suburbs when he saw the proliferation of high rise apartment buildings filling the skyline. Our clients are now starting to enjoy the growth middle band villas are bringing.
Sunshine North achieved its first million dollar house sale, beating the suburb's previous record of $945,000. While in Brighton, a new record was achieved when four local biders helped reach the sale of a Dendy Beach bathing box selling for $307,000.
There is an expected 843 auctions to be held next weekend.