Greville Pabst Insights into this weekends property results
Of all private and auction results reported for July 9 by Realestate.com.au in metropolitan Melbourne there were 367 results. 77% of these sales had a market value of less than $1,000,000 and many were below the Melbourne median house price.
A larger percentage of lower value property presented for sale suggests a good proportion is investor stock being offloaded and more secondary or compromised stock
This higher percentage of lower priced property sold feeds into the monthly residential median house price statistics.
It illustrates that vendors for houses with value between $1m- $5m have withdrawn from the market in droves.
Naturally, discretionary vendors don’t sell in a cooling market and with an absence of higher valued properties presented for sale this is going to adversely skew the median house price statistics presented each month