Why more Melbourne properties are selling well above their auction reserve price

PHOTO: Brendan Fitzgerald’s home fetched well above reserve in a boardroom auction. Photo: Leigh Henningham

Across Melbourne, houses are smashing their reserve prices at auction, which some say is a sign the property market has turned on a dime.

But agents say conditions are still not ideal, with listings failing to meet renewed demand.

They say the relatively few properties on the market meant there were fewer top-quality homes, which then went on to bust through their reserves.

Domain economist Trent Wiltshire said things were not that simple. More broadly, fewer auctions did not mean it was easier to sell under the hammer, he said.

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