A young family has paid $1.04 million for a unit with “house-like proportions” in Melbourne’s inner south-east, outbidding two other parties at Saturday’s auction.
The three-bedroom, two-bathroom unit at 13A/3 Wimbledon Avenue, Elwood, was guided at $1 million to $1.1 million, with a reserve price of $1.02 million. It features a front courtyard, a separate laundry and garage, and is within walking distance of Acland Street, the beach and St Kilda Botanical Gardens.
Belle Property St Kilda auctioneer and listing agent Will Johnson said bidding started at $980,000 and continued with a “fast back and forward in increments of mainly $5000”. Both underbidders were downsizers.
The vendor, also a family with two children, was selling the property to fund a renovation for a newly purchased house, he added.
Despite last week’s interest rate rise and fears for further rises, Johnson said he was seeing a lot of buyers with finance ready to go.
A young family outbid downsizers for the keys to the three-bedroom Elwood unit. Credit: Domain
“There is plenty of activity in the market – a lot of things selling before auction,” he said. “There’s also a lack of good quality stock on the market. A lot of people want to keep hold of it, especially in suburbs like Elwood.”
In Malvern East, an investor paid $45,000 above the top end of the guide for an apartment in need of renovation.
The unit at 7/245 Waverley Road, featuring two robed bedrooms and balconies overlooking gardens, was guided at $540,000 to $590,000, with a reserve of $580,000.
The bidding, which opened at $540,000, had quickly reached the reserve price as five parties battled it out, said Nelson Alexander Kew listing agent Nick Whyte.
“We had four bidders still active within the last $15,000,” he said. The property sold under the hammer for $635,000 to an investor for “the future use of the family”.
“I imagine they will keep it as an investment for four to five years and then the children will reside there,” Whyte said.
He was confident the market was in good shape, especially in the first-home buyer demographic.
“To have five bidders [compete] for an apartment that needs to be renovated, [that has] a company share title and which wasn’t a straightforward sale in that respect, shows you there is good depth in that first home buyer market,” he added.
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