5 May 2015 By: Greg Hocking 0 Comment
Competition is heating up across Melbourne’s property market with last weekend’s clearance rate coming in at 80 per cent on 900+ auctions.
The inner-city continues to perform strongly and demand for properties in some of Melbourne’s most sought after postcodes is pushing prices higher.
In Albert Park, we saw the results of that demand first-hand last weekend with the auction of an unrenovated 3 bedroom house at 67 St Vincent Place. Its location in one of Melbourne’s best streets represented an opportunity not to be missed for the determined bidders who pushed the price up in increments of $50,000 and even $100,000. In front of a crowd of 300 people, the hammer finally came down at $4.21 million which was an extraordinary $1.71 million above reserve and is testament to the skill of our sales team at Greg Hocking Holdsworth.
The bumper sales results across the city reflect both the strength in the market and unwavering buyer demand. New listings haven’t kept pace with interest from purchasers which means sellers who are ready to act now and bring their property to market stand to benefit from heightened buyer competition.
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