Property Downturn Is “Well and Truly History”, with an East Melbourne Apartment Selling $1.18 Million Above Reserve

A modest East Melbourne apartment has flown $1.18 million past reserve in a recent shock auction sale. With a very exciting first bid of $1.6 million putting the two-bedroom Art Deco pad well above its $1.47 million reserve. And the price just kept rising from there to reach a promising $2.65 million sale.

The buyer was an investor.

The auctioneers believe the first bid was aimed at being a “ knockout bid” but from that point forward it was an extremely competitive auction. The bidders consisted of a mixed group of investors, people seeking a city base and a mysterious fourth bidder who just “turned up on the day”.

The apartment hadn’t been updated since the ‘80s.

The first-floor apartment hadn’t been updated since the 1935-built block was refreshed in the ‘80s. That was also the last time it was sold, for $445,000 in 1989.

The apartment’s selling agent said the kitchen could do with a renovation.

The kitchen and bathrooms could benefit from a renovation. But the block of eight has some real period appeal. The apartment came with its own car park, but no outdoor area.

The same could be said for the bathrooms.

Twelve months ago, some buyers were able to pinch a property at a bargain price, But that would be wishful thinking today. Competition is fierce, with multiple bidders holding solid budgets the norm rather than the exception.

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