West Melbourne is the inner-city fringe in transformation, and its apartment market is defined by choice. More than a hundred and sixty two-bedroom units sold over the year, but with plenty of new stock competing they cleared at around half, so buyers can afford to be deliberate. It is the clearest buyer's market for apartments in the wider area.
The small period-house pocket is steadier, with two and three-bedroom homes clearing in the low-to-mid sixties near medians of $1.0725m and $1.52m.
For apartment sellers, standing out is everything. With so much choice, first impressions online decide which homes get inspected, and a well-presented, sharply priced apartment is what wins the competition. Anchoring to a figure from a year or two ago rather than this year's genuine sales is the surest way to be passed over in a market where buyers have this many options.
Median sale price for houses in West Melbourne is $1,295,000, up 8.8% from last year.
Median sale price for units in West Melbourne is $550,000, up 6.8% from last year.
Properties sold for houses in West Melbourne is 38, up 15.2% from last year.
Properties sold for units in West Melbourne is 301, up 0.0% from last year.
Auction clearance for houses in West Melbourne is 65.6%, up 43.2% from last year.
Auction clearance for units in West Melbourne is 47.6%, down 23.8% from last year.
Av days on market for houses in West Melbourne is 53, down 32.1% from last year.
Av days on market for units in West Melbourne is 45, down 10.0% from last year.
Wondering what homes are actually selling for locally? Browse recently sold properties in the area
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