Melbourne - Auction of one top end property

[buzzlightyear]

Went to an auction today. It was this property. Not for me, doing some due diligence for a family member.

This is all about location, the house itself is an after thought. I had no idea of prices in the area and was mindful of the current market sentiment, especially at the so-called top end.

Well after a slow start, four genuine and keen bidders, bidding started at $1.7m, sold for $2.37m, after being on the market at $2.15m. I don't take this result for anything more than its worth, but I thought the vendor would be most content this evening.

Maybe the underbidders can take satisfaction that we have 20%+ price dip coming.

 

[ldriver]

Buzz, have you had a look at marketnews.com.au- there is commentary on this section of the market & council within the market wraps. HTH

 

[PeterC]

good to see at least some property is still in demand. auctions where the place is passed in are such an anti-climax.

 

[Peter Parker]

And the bottom end was on fire yesterday as well.

This is in contrast to the previous couple of weeks where auctions of 2 bedroom places attended attracted not a single bidder and were passed in.

Yesterday's sale was a 1br unit that sold for $258k after intense bidding (compared to the council's valuation of $195k).

http://www.domain.com.au/Property/For-Sale/Apartment/VIC/Chelsea/?adid=2008691935

Bidders looked like 20-30s first homebuyers wanting to gain entry to a bay suburb where properties under $300k are rare.

 

[aussierogue]

Buzz, have you had a look at marketnews.com.au- there is commentary on this section of the market & council within the market wraps. HTH

Everything here is two weeks out of date....

 

[Riasta]

Middle range in eastern suburbs of Melbourne has not been very strong at all over last few weeks from what I've seen. 5 of 6 auctions attended passed in with NO bidders. The one that sold had 3 bidders and went for a song. Very very quiet.

 

[chrispy]

It depends on the price...the lower-priced houses in the north east are selling immediately.

I sold one last week in 6 days with only internet advertising and one OFI.

Lots of interest and many buyers. I received $20k more than I was expecting.

Chris