The price for the four-bedroom property increased more than five times in less than 20 years,records show,as more than half a dozen buyers vied for the keys.
Melbourne has notched eight months straight of an ideal buyers’ market,but some areas have turned deeply in buyers’ favour.
High interest rates and rising prices have pushed key measures of housing affordability to their worst levels on record,and experts say rate cuts won’t help.
In the inner city,it can be difficult to get a mortgage for some properties. But in others,buyers don’t even bother talking to a bank.
The house attracted three bidders at auction who had not been in the market but were interested in buying this particular property.
Several Melbourne bayside suburbs,including one of the most prestigious,have recorded steep drops in the last three months.
The winning bidders saw the ad for the five-bedroom property for the first time on Friday evening. Less than 24 hours later,the home was theirs.
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A lady new to the area and looking for a low-maintenance home was able to get in for less than the advertised price guide.
The deep-pocketed property buyer made a knockout bid of $3.5 million to crown the youngest-ever winners of the reality renovation TV show.
Melbourne home owners have decided to sell their properties at greater rates this spring than usual,and some areas have made double-digit jumps.