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.

Keep up to date

get updates on properties, news and more across Melbourne

More To Explore


Beef Rib Taco Recipe

Inspired by the Kansas City style of barbecuing and his love of flavors from the comfort foods of the southern United States, Lance closed his restaurant Rusk to embark on a new direction. One fueled by apple, oak and cherry wood. Many thought he had gone completely mad, even his wife. His love of BBQ

Insider Tips

Pros and Cons of investing in apartments

So you want to invest in real estate? Congratulations. It’s a big step and an exciting one. Real Estate has made many Australians wealthy and you could be the next real estate millionaire. With this post, we wanted to briefly touch upon the relative benefits of investing in apartments whilst also being realistic and looking

Insider Tips

Pets & Apartments: 6 Tips to Make It Work

Pets are an important part of the family. They can become an incredibly fulfilling part of your life. But having a pet when living in an apartment presents its own set of challenges. With this article, I want to share with you 6 tips that can help make apartment living with Pets work.  Speak with


Simple ways of making your apartment feel larger

Living in apartments for any amount of time can get you feeling cooped up, hemmed in, and craving the outdoors. Humans and nature are inseparable, no matter how much we’ve evolved. The earth, sky, sunshine, greenery, and air calm and refresh us. One of the most straightforward solutions if you can’t go out to nature

Looking for a property?

Search across Melbourne with Buy Melbourne Apartments

Sign in to see your favourite properties

Save your favourite properties and access them anytime. Your shortlisted properties will appear on this page.