Melbourne Property Market Sees Spirited Bidding Across Suburbs
Unique Homes Attract Buyers Despite Market Fluctuations
Melbourne’s real estate market demonstrated robust activity this past weekend, with several properties exceeding expectations. From inner-city appeal to the outer north-east, buyers showcased strong interest, particularly in unique offerings and well-located residences.
Clifton Hill Gem Surpasses Expectations
A Clifton Hill property at 20 Noone Street sold for significantly above its initial guide, fetching $1,215,000 after an opening bid of $890,000. The sale, which saw increments of $10,000 and a final $4,000 jump, was secured by a local couple planning long-term residence. Real estate agent Scalise noted this sale as a positive indicator of changing sentiment in Clifton Hill. The property was initially listed with a price range of $880,000-$960,000, later adjusted to $900,000-$990,000 due to high demand, with a reserve set at $980,000.
“This is a testament to the changing narrative within Clifton Hill.”
—Scalise, Real Estate Agent
Eltham Dual-Title Property Ignites Bidding War
In Eltham, a distinctive property at 10 Helene Street, featuring two separate titles and art deco-inspired homes, sold for $865,000, exceeding its $720,000 reserve by $145,000. The property, guided between $680,000 and $745,000, attracted four enthusiastic bidders. Lead agent and auctioneer Sean Salmon of Ray White Eltham described the market as challenging for first-home buyers but noted the unique appeal of this offering. Four bidders actively participated, demonstrating a need for creative vision among potential buyers. This sale is considered an outlier, as the Eltham market generally shows signs of stabilization.
“This property being very unique obviously [and] coming with two residences under the one roofline did make it a bit of a gem, so not comparable to other homes in the market.”
—Sean Salmon, Lead Agent and Auctioneer
“It was a bit of old-school real estate, in that … someone’s vision for the home was going to determine its value.”
—Sean Salmon, Lead Agent and Auctioneer
Fairfield Home Sells Post-Auction
A three-bedroom residence at 1/210 Station Street in Fairfield, guided between $850,000 and $935,000, passed in at $950,000 during auction but sold immediately afterwards for the reserve price. The property was the sole three-bedroom single home available in the area, attracting interest from various buyer segments. Lucas De Bartolo, lead agent from Barry Plant Northcote and Preston, reported that a local couple from Heidelberg secured the property. They are currently undecided whether to occupy the home or hold it as an investment, given they also have another property to sell.
De Bartolo observed a strong influx of interstate and local investors returning to the Melbourne market, citing its current value proposition. For instance, the median house price in Melbourne saw a modest increase of 2.5% in the last quarter of 2023, according to CoreLogic, indicating sustained buyer confidence.
