Young family pays $1.04 million for Elwood unit; In Malvern East, an investor paid $45,000 above the top end of the guide for an apartment
A young family beat out two other lots at Saturday’s auction, paying $1.04 million for a unit with “home-like proportions” in Melbourne’s inner south-east.
Three bedroom, two bathroom unit 13A/3 Wimbledon Avenue, ElwoodIt was guided from $1 million to $1.1 million, with a reserve price of $1.02 million. Featuring a forecourt, separate laundry and garage, the property 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 “fast forward and back, mostly in $5,000 increments.” Both bidders were dismissive.
He added that the seller, himself a family with two children, sold his property to finance the renovation of a newly purchased house.
Despite last week’s rate hike and fears of further increases, Johnson said he sees plenty of buyers with financing ready.
A young family is outbidding downsizers for the keys to a three-bedroom Elwood apartment. Credit: Specialization
“There’s a lot of activity in the market; a lot of things are being sold before auction,” he said. “There’s also a shortage of quality stock in the market. Especially in suburbs like Elwood, a lot of people want to hold on to stock.”
In Malvern East, an investor paid $45,000 above the guideline’s upper limit for a flat in need of renovation.
The unit is at 7/245 Waverley RoadThe apartment, which has two robed bedrooms and balconies overlooking the gardens, was quoted for between $540,000 and $590,000, with a reserve of $580,000.
