Hot Market’s Cool Change
November 24, 2014 Hodges Real Estate Information
On the 22nd of November, The Herald Sun published an article about Melbourne’s cooling property market.
Melbourne’s auction market is returning to trend, after a hot start to spring, with the third week of lower clearance rates observed. RP Data recorded a preliminary clearance rate of 66.7 per cent last week, compared to 65.5 per cent the week before and 69 per cent at the same time last year.
With the market usually cooling as summer approaches, a couple who only moved to Prahan three months already have a desire to return to St Kilda. They managed to secure a two bedroom single-fronted home for $1 million at 15 Alma Grove.
Michael Townsend, Director and auctioneer at Hodges St Kilda was featured in article, discussing what has been driving the market in St Kilda. He said “There’s a bit of heat in the market for houses like this little two-bedroom singlefronted house.” Two bidders took the price to $950,000 before the sale was negotiated privately.