Auction numbers were higher this weekend after the break for the Labour Day long weekend last week.
This weekend a clearance rate of 68% was achieved from 1273 auctions. Of those properties 403 were passed in, 206 of those on a vendor bid. There were also 236 private sales over the past week. Units achieved a 70% clearance rate, and houses resulted in a 68% clearance rate across the city.

The Melbourne property market is holding strong and has only declined by 0.4% in value since it peaked in October last year.  According to Core Logic, Melbourne’s median dwelling value is 18% less than Sydney’s.  This indicates that Melbourne’s property values are likely to still rise as Melbourne’s population growth keeps soaring.

Kind Regards,
The Team at Elite.

53A Cavannagh Street, Cheltenham. Sold for $1,111,000 
This newly built townhouse with unrivalled views in Cheltenham attracted fierce competition from four bidders on Saturday. The three bedroom property had an opening bid of $920,000 and it was announced on the market at $1.05 million. But bidding did not stop there, and the property ended up selling for more than $50,000 above the reserve.

7 McMillian Court, Hoppers Crossing. Sold for $530,000 
This spacious house in the heart of Hoppers Crossing sits on an impressive 748m2 (approx.), parcel of land. The vendor of this three bedroom house only paid $410,000 just over twelve months ago and had made no major changes to the property before putting it back on the market. A first home-buyer outbid two investors at the auction to become the new owner.

37 The Highway, Mt Waverly. Sold for $1,530,000 
Beautifully elevated on the high side of the street, this impressive 738 sqm (approx) four-bedroom house attracted three bidders at the Saturday auction. An opening bid of $1.45 million commenced the auction, and the property was on the market at $1.51 million. One bidder dropped out, and two families continued to compete for the keys until the hammer was brought down at $1.53 million.