Despite Melbourne’s cooling property market, all of the Gatwick apartments on this season of The Block sold under the hammer this season. Underlining the unlikeliness of the 100 per cent clearance rate, industry experts had predicted that at least one of the properties would pass in, as has occurred on previous seasons. The turnout beat expectations all around since the general market is sitting at just under a 50 per cent clearance rate. McGrath Chief Auctioneer Scott Kennedy-Green says standout properties like the ones on The Block will always have an edge – no matter what clearance rates are doing.
Of course, sellers do need to be realistic in the current market. For those wanting to take a property into the current market, one has to consider where the buyer activity is, and adjust one’s expectations accordingly — especially on auction day. For more on how The Gatwick apartments defied Melbourne’s cooling market, head to The Real Estate Conversation to read the rest of the article.