Elite’s Weekly Market Wrap
Good afternoon,
With measures around the world to control the spread of Covid-19 changing with what feels like every hour, it is no wonder some property buyers and sellers are feeling quite nervous. This nervousness resulted in a clearance rate drop to 66% over the weekend. But instead of focusing on the clearance rate, it is important to drill down a bit more and understand the volume of transactions. It was a weekend with many auctions scheduled and resulted in a solid 779 properties sell before auction and at auction over the weekend.
Our purchase success last week was mixed… we secured multiple great properties for our clients being before auction and at auction. We did on the other hand miss out on more than we bought due to high buyer competition.
There are two types of buyers in the current market. The nervous ones that are going to sit on their hands and wait to see what happens. And the opportunistic buyer who are willing to transact and hopefully take advantage of the market with less competition. We will see many more off market transactions over the next few months for a couple of reasons. Vendors are worried about investing thousands of dollars into advertising when a looming shut down is on the horizon and some vendors are trying to avoid having too many buyers treading through their properties from a health and safety perspective.
So what does that mean for buyers? Over the next few months we may see some very motivated vendors. They may have already purchased another property and need to sell. Some may need to sell because of financial reasons due to job loss. We will see more off market transactions and many properties selling prior to auction. There may be an opportunity to secure A Grade properties with less competition.
I feel very confident that if we are to see any downturn in prices, that it will be short term and the property market will bounce back quickly once the dust settles. There are too many first home buyers, downsizers, upsizers and investors still wanting to take the leap, especially with interest rates at record lows.
Stay safe and have a great week.
Kim Easterbrook
Clearance Rates
Melbourne | 23 March 2020
This week: 932 Auctions | Clearance: 66% | Last Year: 58% [source: REIV]
Auction of the week
92 Page Street, Albert Park
A large crowd gathered to watch the auction of 92 Page Street, Albert Park. A rare offering of a house on 600 square metres of land and a tower with a lookout.
Bidding started at $7 million and was a bit slow to start until it reached its reserve of $8 million. Five bidders ended up putting their hands up to try and secure this amazing piece of real estate with the property selling for $1.01 million above reserve for $9.01 million.
It just goes to show that quality properties sell well in almost any market condition.
Rental Property of the week
For Lease
23 Fairview Avenue, Camberwell – $1,090
Sitting pretty in a leafy tree-lined street, this warm and welcoming Californian Bungalow reveals a series of updated and extended spaces ideally matched to modern family needs whilst preserving its stunning, original period features of timber floors and ornate high ceilings. Four bedrooms, all with built-in robes, a separate study and family bathroom provide ample accommodation and complement an elegant formal lounge and dining room, through to a separate family domain incorporating a contemporary kitchen with ample storage space and dishwasher and full width living/dining area opening out to a sunny north facing timber deck and in-ground, solar heated swimming pool as well as a fabulous in ground trampoline to keep the kids entertained for hours. This beautiful home is complete with every modern day comfort including ducted heating and cooling, split system cooling, single carport and additional off street parking. Enviably located minutes to elite independent schools, local shops and various transport options. Pool maintained/serviced professionally between April – September and monthly garden maintenance included. Please call the office on 03 9592 1122 if you are interested to view.
Refer A Friend and Receive a $200 Voucher to Stokehouse.
Refer a friend to our Buyer Advocacy or Property Management services and enjoy a $200* voucher to Stokehouse Restaurant for a relaxing lunch or dinner by the Bay in St Kilda.
Please contact our team on 9592 1122 or email admin@elitebuyeragents.com.au
* Offer applies to a referral that leads to the engagement of our services.
Elite’s Weekly Market Wrap
Good morning,
It seems that events are worsening daily as the amount of Covid-19 cases increases around the world. Governments are taking drastic measures to slow the spread of the virus as the World Health Organisation declared novel coronavirus a pandemic.
It’s for good reason people are concerned as we enter into a territory that we have never seen before. More and more people will be working from home, schools and child care centres may shut down in the weeks to come, international travellers now have to self quarantine for 14 days from arrival, events with over 500 people have been cancelled, and there will be more things to come.
So, what does this mean for Melbourne’s property market?
Surprisingly, the weekend brought people out in droves at auctions and open for inspections. The clearance rate did fall to 72% from a consistent 80% which was expected due to the negative news on Friday. For the time being, it is business as usual but we may see supply start to drop off quickly as many vendors are likely to hold off from selling and with interest rates so low, may even resort to just leasing their properties out. Another interest rate cut is also on the horizon which potentially could push prices even further.
We are likely to see a lot more off market transactions with vendors not committing to expensive marketing campaigns and potentially wanting to limit the amount of people going through their properties.
We may see a period of time where the industry comes to a grinding halt. We are all hopeful with strict measures that are presenting themselves daily, that this will pass and pass quickly as possible.
Keep well everyone and have a great week!
Kim Easterbrook
Clearance Rates
Melbourne | 16 March 2020
This week: 869 Auctions | Clearance: 72% | Last Year: 57% [source: REIV]
Auction of the week
25A Salisbury Street, Moonee Ponds
In an ideal location within Moonee Ponds, this 6 year old townhouse attracted multiple bidders, even with the covid-19 uncertainty. An opening bid of $1.5m was on the mark, however, another 5 bidders wanted their day in the sun, and all fought it out until the hammer came down at a healthy $1.735m. The property sold approximately $200,000 over the reserve price.
The bidders consisted of young professional couples, young families as well as a couple of buyers’ advocates.
Rental Property of the week
For Lease
5/25 York Street, St Kilda West – $470
Located in the sought after area of St Kilda West this inviting two bedroom property comprises a central living/dining area, two double bedrooms with built-in robes, contemporary kitchen featuring stone benches, stainless steel appliances and pull out dish-washer and a fully tiled, stylishly appointed bathroom. Also with under-cover balcony and allocated car parking. The apartment will be freshly painted throughout.
Just a short stroll away from public transport, shops and restaurants. Be in quick before you miss out on this gem.
Refer A Friend and Receive a $200 Voucher to Stokehouse.
Refer a friend to our Buyer Advocacy or Property Management services and enjoy a $200* voucher to Stokehouse Restaurant for a relaxing lunch or dinner by the Bay in St Kilda.
Please contact our team on 9592 1122 or email admin@elitebuyeragents.com.au
* Offer applies to a referral that leads to the engagement of our services.
Elite’s Weekly Market Wrap
Good morning,
The weekend was the first test of the Melbourne property market with almost 1,000 properties going under the hammer. The clearance rate remained steady at 80% which is indicating we could be in a seller’s market (usually the case when the clearance rate is over 80%). A few more weeks of auctions is needed to fully gauge whether this is the case. On the ground though, properties are selling where we believe they should be based on recent comparable sales (generally speaking). This is demonstrating that we are currently experiencing steady growth, rather than a sharp rise in property prices which historically is unsustainable.
According to the ABS, loans to investors have increased by 22% since the election in May with Melbourne being the preferred city for investors to invest in. Banks are also fighting to attract these investors by slashing interest rates as they battle to gain market share. This is a huge turnaround from twelve months ago when the Royal Commission and uncertainty in the market put many investors on hold.
A big congratulations to all our clients who purchased this week. We had a real mix of successful buyers ranging from investors, first home buyers and upsizers securing properties before auction, at auction, after auction and off-market.
Have a great week.
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 1 March 2020
This week: 1160Auctions | Clearance: 79% | Last Year: 57% [source: REIV]
Auction of the week
1/158 Victoria Road, Hawthorn East
A large crowd turned up to see this ground floor 2 bedroom apartment with street frontage go to auction. The reserve of $595,000 was smashed by an opening bid of $630,000 in which the property was immediately announced on the market. Five bidders in total drove the price to $719,000. We are predicting that good quality, low rise apartments will start to see some solid capital growth now as entry level properties for high quality suburbs are becoming more and more in demand from investors and first home buyers.
New lawks making it easier for tenants to have pets
As of today, the anticipated new pet laws will come into effect. What does this mean for you as a landlord? Basically renters can keep pets in a rental property with written permission from the rental provider (landlord). Permission can only be refused with approval and an order made from the Victorian Civil and Administrative Tribunal (VCAT). The new laws do not apply to rental properties that already have pets. If a renter has a pet before today in the rental property, there is no need to seek the written consent of the rental provider again.
However, if the renter wants to bring a new pet into the property, they must request the rental provider’s consent in writing. They must use the Consumer Affairs Victoria pet request form. Renters can do this by email if both parties have agreed to communicate in this way.
The new laws make it imperative to have landlord insurance with pet damage cover. We recommended that each owner check and update the insurance policy at their earliest convenience. For more information, including the pet request form, is available on Consumer Affair Victoria’s webpage.
Refer A Friend and Receive a $200 Voucher to Stokehouse.
Refer a friend to our Buyer Advocacy or Property Management services and enjoy a $200* voucher to Stokehouse Restaurant for a relaxing lunch or dinner by the Bay in St Kilda.
Please contact our team on 9592 1122 or email admin@elitebuyeragents.com.au
* Offer applies to a referral that leads to the engagement of our services.
Elite’s Weekly Market Wrap
Good morning,
The weekend was the first test of the Melbourne property market with almost 1,000 properties going under the hammer. The clearance rate remained steady at 80% which is indicating we could be in a seller’s market (usually the case when the clearance rate is over 80%). A few more weeks of auctions is needed to fully gauge whether this is the case. On the ground though, properties are selling where we believe they should be based on recent comparable sales (generally speaking). This is demonstrating that we are currently experiencing steady growth, rather than a sharp rise in property prices which historically is unsustainable.
According to the ABS, loans to investors have increased by 22% since the election in May with Melbourne being the preferred city for investors to invest in. Banks are also fighting to attract these investors by slashing interest rates as they battle to gain market share. This is a huge turnaround from twelve months ago when the Royal Commission and uncertainty in the market put many investors on hold.
A big congratulations to all our clients who purchased this week. We had a real mix of successful buyers ranging from investors, first home buyers and upsizers securing properties before auction, at auction, after auction and off-market.
Have a great week.
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 24 February 2020
This week: 957 Auctions | Clearance: 80% | Last Year: 53% [source: REIV]
Auction of the week
60 Evans Street, Port Melbourne
This single fronted home was highly sought after by three owner occupiers at auction. The property had been structurally renovated but was very dated. The agent accurately quoted the property prior to auction at $1,800,000 to $1,900,000 where we felt was exactly what the property was worth (upper end of range). The property sold at auction for a huge amount of $2,210,000 which was $310,000 over the reserve price.
Rental of the week
FOR LEASE
3/11 Pilley Street, St Kilda East
$560 per week
This Art Deco apartment has so many great features that it will sure to lease quickly. The well located apartment has two good sized bedrooms, is renovated, located within a VERY small block and has a large courtyard/backyard. A rare find. If you would like to arrange a time to view, please call our office on 9592 1122.
Refer A Friend and Receive a $200 Voucher to Stokehouse.
Refer a friend to our Buyer Advocacy or Property Management services and enjoy a $200* voucher to Stokehouse Restaurant for a relaxing lunch or dinner by the Bay in St Kilda.
Please contact our team on 9592 1122 or email admin@elitebuyeragents.com.au
* Offer applies to a referral that leads to the engagement of our services.
Elite’s Weekly Market Wrap
Good morning,
Firstly, a big congratulations to our three clients who were successful purchasing properties at auction on the weekend. Two being owner-occupier purchases and one for an investor.
The cooler weather has been a welcome relief for many but the rain didn’t deter people attending auctions over the weekend. The clearance rate remained at similar levels this week reaching 82%. Volume numbers are still low (but more than the last weeks) however we should see auction numbers increase significantly over the next four weeks.
Melbourne’s median price has jumped to $901,951 although it is still lagging behind Sydney by a considerable amount. Sydney’s median price has hit $1,142,212 exceeding the peak in 2017 leaving Melbourne behind by a staggering 26%. But what does this mean for Melbourne’s property prices? Sydney is fast becoming too expensive for many buyers and Melbourne is being viewed as an good option to invest in. We are also experiencing a trend in Sydney residents making the move to Melbourne as they cannot afford to buy a property in Sydney. With Melbourne’s population tipped to exceed Sydney’s in the next ten years, it is likely that Melbourne’s median price could very well get to similar levels that Sydney has and very possibly exceed it.
Enjoy your week!
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 17 February 2020
This week: 494 Auctions | Clearance: 82% | Last Year: 60% [source: REIV]
Purchase of the week
5/29 Shoobra Road, Elsternwick
This property was targeted by our team for a client who was looking to purchase a long term investment in Melbourne. The brief was to source a property that has good capital growth but also can easily find quality tenants. Villa units can make excellent investments because developers are not building them anymore so the supply of them is low. They are highly sought predominately by first home buyers, downsizes and investors. Elsternwick is a premium suburb of Melbourne where many wish to live. In addition to this, the unit was very well located close to the train station and trams, and the ever-changing Glenhuntly Road.
This demand was demonstrated when 265 buyers inspected this property throughout the auction campaign. The 100 strong crowd included many buyers who were wanting to secure this property. An aggressive bidding strategy had to be displayed at the auction which was successful with Elite being able to secure the property for $855,000.
Rental of the week
FOR LEASE
4/62 Moonya Road, Carnegie
$470 per week
Not only do villa units have strong demand from a buying perspective, they are also in demand from tenants. This is because they have the feeling of living in a small house, without the maintenance and upkeep and are at a lower price point.
These low maintenance properties attract professional couples with one or no children, single people of all ages and tenants looking to share a property. This property is currently up for lease by the Elite team and will be sure not to last long.
Refer A Friend and Receive a $200 Voucher to Stokehouse.
Refer a friend to our Buyer Advocacy or Property Management services and enjoy a $200* voucher to Stokehouse Restaurant for a relaxing lunch or dinner by the Bay in St Kilda.
Please contact our team on 9592 1122 or email admin@elitebuyeragents.com.au
* Offer applies to a referral that leads to the engagement of our services.
Good morning,
I hope you had a lovely break and are feeling all refreshed to tackle 2020.
The team at Elite are already into the full swing of things and excited about what this year will bring. All indications are suggesting we will be entering into a very active property market with confidence from both buyers and sellers. It appears investors are largely back into the market as the banks ease their lending restrictions to enable them to enter. This is not great news for first home buyers as many are continually being priced out of the market. We are expecting to see some solid property price rises in Melbourne and some regional areas throughout the year.
The first round of auctions for the year saw the clearance rate surge into the 80%, however, it must be noted that the amount of auctions were low. We won’t really understand where property prices are at until after the first four to six weeks of auctions have been completed. That being said, there is a lot more confidence from buyers than there was this time last year. As a comparison, the clearance rate this time last year was 55% on a similar amount of auctions.
Last year, prices ended on a high with the median house price jumping 5% in the last quarter of 2019 to $901,951. Similar prices to the peak of the market in December 2017 and it is highly possible we could soon surpass this in the not too distant future.
Enjoy your week!
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 10 February 2020
This week: 303 Auctions | Clearance: 81% | Last Year: 55% [source: REIV]
Auction of the week
80 Ross Street, Port Melbourne
It is extremely rare for a church to pop up for sale, especially one that is a blank canvas ripe for a substantial makeover. These properties are always hard to value as there are effectively no comparable sales. The property was quoted at $1.85m to $1.95m before auction and attracted bidding from two parties with the successful bidder being a family who is going to create their dream home. The property sold for $2.19m after being announced on the market at $2.18m.
The property last sold in 2017 for $4.75m but was then on 711 sqm. The church has been subdivided and currently sitting on land size of 349 sqm. The vendor is planning on building townhouses on the remaining land.
Property of the week
FOR LEASE
59 Bayview Street, Prahran
$1,100 per week
This architecturally designed three bedroom, two bathroom townhouse is up for lease from our Elite Property Rentals team and available early March. Very conveniently located within a short walk to the trams on High St in a quiet side street. Spacious floor plan, open planing living/dining/kitchen area onto a north facing courtyard. You will need to be quick for this one as this won’t be available for long. Please contact the office on 9592 1122 to arrange an inspection.
Refer A Friend and Receive a $200 Voucher to Stokehouse.
Refer a friend to our Buyer Advocacy or Property Management services and enjoy a $200* voucher to Stokehouse Restaurant for a relaxing lunch or dinner by the Bay in St Kilda.
Please contact our team on 9592 1122 or email admin@elitebuyeragents.com.au
* Offer applies to a referral that leads to the engagement of our services.
What a year its been! The Melbourne property market wrapping up 2019 with a 75% clearance rate this week from a total of 974 properties going under the hammer. Of those properties, 581 sold at auction, while 150 sold before auction. In addition, there were 200 private sales. In comparison, the same weekend last year had a clearance rate of only 49% on a weekend of 931 auctions.
2019 finished on a high that not many predicted would occur. The May Federal Election was a game changer with property prices starting to increase soon thereafter. We have seen steady increases in Melbourne property prices ever since, not only due to the Liberal Government remaining in power, but declining interest rates have also stirred things up.
Overall, we are experiencing a lot more confidence in the property market and buyers now wanting to take the leap in. We believe this will continue into 2020 and the rate in which prices should rise will all depend on how much stock (properties for sale) comes onto the market, which is the unknown at this point. Vendors should certainly be feeling more comfortable with selling as we are witnessing a lot more competition at auction and generally more competition to buy. Investors are tipped to come back into the market and we may see first home buyers being further pushed out.
I hope everyone has a great break and look forward to another interesting year in 2020.
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 16 December 2019
This week: 974 Auctions | Clearance: 75% | Last Year: 49% [source: REIV]
30 Thomasina Street, Bentleigh East Sold for $1,505,000
This original home on subdividable land in the McKinnon High School zone was popular with both home buyers and also developers. The property had the bonus of approved plans and permits to build two townhouses. Quoted at $1,250,000 to $1,300,000 prior to auction, the auction was off to a very slow start so the agent offered a $1,250,000 vendor bid. Continuing at a slow pace, the auction again stalled at $1,300,000 and after a quick conversation inside with the vendor, the property was still not on the market. Bidding recommenced and the property was announced on the market at $1,350,000 before eventually selling for $1,505,000 thanks to six bidders.
9 Tower Hill Road, Glen Iris Sold for $2,301,000
A huge crowd of over 120 people attended the tranquil leafy streetscape on the quiet edge of Ashburton Village to view the auction of this lovely 1930’s clinker brick home. An opening bid of $1,950,000 eclipsed the quoted price of up to $1,800,000. From there seven bidders pushed the price to $2,301,000 with a consistent stream of $5,000 to $10,000 bids until the eventual buyer held off two buyers on the phone, for a final bid of $2,301,000.
3/48 Stanley Street, Glenroy Sold for $532,000
This brick veneer two bedroom villa unit, built in approximately 1993, in the premium pocket of Glenroy was popular with first home buyers, investors or those looking to downsize. Originally quoted $460,000 to $490,000. In front of a crowd of 60, the opening bid of $480,000 kicked off proceedings. A rise of $10,000 quickly followed, and three other bidders joined in. The home was sold under the hammer for $532,000.
A very busy weekend in the Melbourne property market with 1027 properties up for auction, and a strong clearance rate of 78%. There were 637 properties sold at auction and 162 sold before auction. In addition, there were 219 private sales. In comparison, the same weekend last year had a clearance rate of only 47% on a weekend of 1089 auctions.
The clearance rate is slowly creeping towards the 80% mark which may occur early next year with interest rates predicted to drop again. With interest rates further declining we will likely see even more investors back in the market. If the clearance rate increases past 80%, we could see ourselves back into a seller’s market in which we have not seen for a number of years.
This weekend coming will be the last ‘official’ auction weekend for the year. There will be the odd auction that occurs on Wednesday, 18th of December (in the evening) and Saturday, 21st of December.
Stay cool today and enjoy your week.
Kim Easterbrook and the team at Elite.
Clearance Rates
Melbourne | 9 December 2019
This week: 1,027 Auctions | Clearance: 78% | Last Year: 47% [source: REIV]
13 Seaton Road, Highett Sold for $1,590,000
Six bidders battled it out to become the new owners of this four-bedroom home. Bidding commenced at $1,200,000 from an owner-occupier, jumping to $1,250,000 and then pushing up to $1,470,000 with three bidders in the mix. The explosive start saw the property announced on the market within the first 15 seconds. Bidding continued in $5,000 increments until the hammer fell down to a buyer from Sydney at $1,590,000 in front of approximately 70 onlookers.
10/1D Tovan Akas Avenue, Bentleigh Sold for $955,000
Forty people watched this three bedroom townhouse go under the hammer on the weekend. An opening bid of $800,000 kicked off proceedings, and two bidders took the price to $870,000 when a buyers agent entered the fray. Bidding continued up to $890,000, where it was announced on the market, and a fourth bidder joined in. The price was pushed up to $955,000 as the hammer was brought down.
29 Ryeburne Avenue, Hawthorn Sold for $4,520,000
A huge auction result for the weekend was for this a four-bedroom home in Hawthorn. The final result was $120,000 above the reserve when the home sold for $4.52 million, with three bidders involved. Quality family homes, close to schools have been finding strong competition in the market at the tail end of 2019.
The final Super Saturday for Spring 2019 saw 1082 properties going under the hammer, and the clearance rate increased to 77% with 669 properties sold at auction and 155 sold before auction. In addition, there were 191 private sales. In comparison, the same weekend last year had a clearance rate of only 48% on a weekend of 996 auctions.
Melbourne property prices have been on the move for quite some time now but the numbers are now statistically coming through. Corelogic have released data for November showing that the prices in Melbourne have increased by 2.4% in November alone which is the biggest monthly increase in house prices since May 2015.
It appears the property market will end the year strong and there are no indications that this will slow down in 2020.
Have a great week!
The Elite Team
Clearance Rates
Melbourne | 2 December 2019
This week: 1,082 Auctions | Clearance: 77% | Last Year: 48% [source: REIV]
5 Wilson Grove, Camberwell Sold for $1,770,000
A good crowd came to see the tidy two bedroom home, in need of some TLC go under the hammer in a handy location in leafy Camberwell. Originally quoted $1.32m – $1.38m in the hours prior to the auction the quote range was lifted to $1.4m. An opening bid from an advocate at $1.5m started proceedings, immediately placing the property on the market and prompting five other bidders to jump in and have a go. The advocate was out early and the keys eventually went to a lady with a baby for $1.77m.
2/12 Wimbledon Avenue, Elwood Sold for $990,000
A very quick auction in Elwood resulted in a ground floor two-bedroom unit selling for nearly $1 million. With a feel of a small single-fronted home, this property attracted a range of first home buyers and downsizers. The auction started with an opening bid of $850,000, and it was declared on the market quickly at $950,000. Only a handful of $10,000 bids later it reached $980,000, and then sold for $990,000 to downsizers.
20/211 Gold Street, Clifton Hill Sold for $726,000
Selling for $126,000 more than reserve, this fully renovated, light-filled upper level apartment was popular at auction. The bidding commenced at $550,000, but it didn’t take long to reach $640,000, before stalling. After consulting the vendor, the auctioneer announced the property on the market, prompting bids to take off until the hammer was brought down at $726,000, well above its $600,000 reserve.
Over the weekend, there were 838 properties going under the hammer, and the clearance rate increased to 72%. Of the auctions, 486 properties sold and 116 sold before auction. In addition, there were 206 private sales. In comparison, the same weekend last year had a clearance rate of only 47% on a weekend of 959 auctions.
Melbourne’s population growth is one of the main drivers as to why property prices rising. We simply are not building enough properties to house all of the new people wanting to call Melbourne their home. That, and low-interest rates, increased job opportunities and a healthy economy are the underlying reasons. In addition, buyers have gained the confidence to enter the market with no slowdown in demand insight.
We are predicting a strong start to the property market into the New Year with many buyers not having secured a property before Christmas. Stock levels are already declining for the Christmas break and new auction campaigns won’t be launched until late January.
Enjoy the sunshine this week.
The Elite Team.
Clearance Rates
Melbourne | 25th November 2019
This week: 838 Auctions | Clearance: 72% | Last Year: 47% [source: REIV]
12 McIlwrick Street, Prahran Sold for $2,265,000
50+ people were entertained and bewildered watching the super fast auction. Proceedings kicked off with a bid $10,000 above the quote range up to $1,840,000, followed by two more bidders offering $50,000 bids taking the price to $2,050,000. A downsizer jumped in with even deeper pockets and pushed the property to $2,200,000 and after a few $5,000 and $10,000 bids to be knocked down at $2,265,000, approximately $400,000 over the quote range.
2 Grandview Grove, Hawthorn East Sold for $1,825,000
The sunny Spring morning attracted a small crowd to gather in the very pretty tree lined street, moments from $15,000,000 mansions in the coveted Harcourt Precinct. An opening bid of $1,600,000 was quickly answered with a rise of $10,000. From there five parties took the price to $1,825,000 with the property being announced on the market at the top of the range at $1,750,000.
9/301 St Georges Road, Fitzroy North Sold for $910,000
It was a hot auction at a top-floor apartment in a converted fire station boasting stunning park views, with five bidders attempting to secure the home. The unit had an odd, triangular floor plan and two bedrooms with rounded outer walls. Bidding started at $750,000 and quickly climbed past the reserve price of $800,000. It was $110,000 more than the vendor’s reserve.
