The Election/Interest Rates on Hold
The market conditions remain steady in our core areas of operation with the few properties that are currently on the market (far fewer than at the same time last year) attracting good numbers of buyers through the doors on Saturday 11th May.
Marshall White achieved an impressive 73.33% clearance rate, well exceeding Melbourne’s Saturday clearance rate of 57%, according to Domain.
A case in point was a spectacular home in Chastleton Avenue, Toorak where we saw over 70 groups at Saturday’s open for inspection. Growing interest from potential buyers, which resulted in a slight increase in the auction clearance rate last weekend, was repeated on Saturday.
Highlighting the fact that buyers are still willing to pay a premium for an A grade property, we sold a single fronted terrace home in Albert Park for $3.4 million which established a new record price for a single fronted home in Port Phillip.