Not Domain again? They are not the right folks to be quoting on clearance rates or prices. They are experts at cherry picking the top results and areas and creating a sense of FOMO amongst its readers. This article doesn't even bother top mention the number of unreported sales - usually about 150-200. The market is without doubt very hot in some areas especially the eastern Chinese corridor. But in many other areas and all across Melbourne especially older apartments are not selling.
There was an apartment that was bought by a HK investor in 2013 for $4.5 mill right on Brighton beach a couple of weeks ago that failed to even get a bid of $2.5 million at auction. It was one of 3 each on their own level with uninterrupted views of the water but the word is the buyer paid too much for it. Just like Domain stories this is just an anecdote of the market in general and shouldn't be used as a guide for the whole market but gives you an idea of what Domain does every weekend. Imagine if they reported the bottom 5 results instead of the top 5 each weekend and included the unreported sales as unsold and told us the real clearance rate was 60%.
