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Melbourne house prices fell another 0.2 per cent in June, bringing the decline for the quarter to 0.6 per cent, according to CoreLogic data released on Monday.
In Heidelberg Heights, there is a four-bedroom cottage covering 792 square meters. 10 rue Bonne In a typical auction, a young family who rent a house nearby beat out two other aggressive bidders to sell the house for $1,275,000. Selling agent Nick Smith of Nelson Alexander said they paid just over the reserve of $1.15 million to grab the keys.
Smith said bidding opened with the vendor bidding at $1.05 million, then someone bid in, pushing the price up to $1.075 million. Bidders then quickly made $20,000 bids, then $10,000 bids, before the bidding slowed to $5,000 increments and even $500 bids before the auction.
“The lower bidders were also a young couple and another family. They all loved the house and it’s a very beautiful 1950s home with lots of potential,” Smith said.
“The whole market is very price sensitive at the moment and while there are a lot of good buyers out there, we’re finding that, in general, turnkey homes are doing a little better than homes that need work.”
In Parkdale, a young family who weren’t even actively looking for a home ended up paying $3.01 million for a “resort-style” home. Selling agent Lauren Chambers of Ray White Cheltenham said the sole bidder for the architecturally designed home fell in love with the pool and water features.
Close to Parkdale and Mordialloc Beaches 9 Rosella RoadThe five-bedroom property, located on a 729-square-metre block, initially attracted four registered bidders. Bidding opened at $2.6 million with a vendor offer, prompting the couple to counter-offer at $2.7 million before the house sold. On-site negotiations ensued, and the house sold for just over the reserve price of $3 million.
Mr Chambers said the vendors had decided to downsize and sell their beloved family home, despite the house being built from scratch just six years ago.
“They were very happy with the result,” she said. “This was a family home the vendors had built six and a half years ago and they were selling it to downsize.”
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One of the cheapest properties in and around the Victorian capital is on sale for the weekend 36 Stettler Boulevard, Micklehamsold through Ray White Mill Park Auctions for $249,000.
AMP chief economist Shane Oliver said the data spoke volumes about the state of Melbourne’s market, which he said remained soft as interest rate uncertainty and affordability concerns continued to spook buyers.
“The clearance rate is around 50 per cent, which isn’t terrible but it’s certainly weak. But the number of properties listed for sale is over 700, almost double the same time last year, which suggests a lot of sellers are waiting for the market to pick up and are therefore making distressed sales,” Mr Oliver said.
“The risk now is that the market will fall further because there are rumors that interest rates will rise again, and although I don’t think rates will rise, the risk is still significant.”
Oliver said the market trajectory is likely to continue along the same weak path.
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