Melbourne's Housing Market Shudders The recent auction of a renovated Port Melbourne house for $1,975,000 serves as a stark reminder that even in one of Australia's most affluent cities, the housing market can be capricious.
The property, which sold for significantly less than its 2021 sale price of $2. 13 million after passing in at auction for $1. 87 million, is not an isolated incident.
Domain reported a preliminary clearance rate of 59% from 481 auctions, with many properties selling below their reserve prices.