An East Melbourne townhouse at 5 Green Place sold for $1.15 million at auction on Saturday, attracting four bidders after gaining traction on social media.
The two-bedroom property, which features floor-to-ceiling glass and exposed brick, was sold by investors to an upsizing couple moving from a nearby apartment. The home also includes timber ceilings, a leafy courtyard, and a northern aspect.
Ray White CRE selling agent Toby Campbell noted that the property attracted nearly 200 enquiries during the campaign. It went a bit viral on Instagram,
Campbell said. The home, which carried a reserve price of $1,075,000, saw bidding open at $800,000 before a vendor bid of $1 million was placed.
The final price was reached through a series of incremental bids. It is a pretty unique joint,
Campbell said. It has got lots of character.
He added that while the local market is broadly flat,
the tightly held nature of East Melbourne often leads to strong results for rare listings.
The sale occurred as Melbourne’s preliminary auction clearance rate rose to 59 per cent, up from the previous week’s 56 per cent. This shift took place despite the Reserve Bank’s decision to increase the cash rate for the fifth time this year. Across the city, 629 properties were scheduled for auction, with 416 results reported by Saturday evening and 74 auctions withdrawn. Withdrawn auctions are recorded as unsold properties.
While some agents described the broader local market as flat,
specific segments continue to perform. In Northcote, a home at 2 Cleveland Street sold for $1,145,000 against a $1.13 million reserve, while a property at 6 Roberts Street sold post-auction for $1.38 million. In Pascoe Vale South, a villa unit at 1/98 Grandview Avenue sold for $710,000, exceeding its $660,000 reserve after 23 bids.
The underbidder for the villa was a first home buyer, while the vendor was a home owner. Ray White Brunswick agent Trish Di Vito noted that she has seen good numbers at open homes, with first home buyers showing the most interest in the Grandview Avenue property.
- Matthew Akritidis of Nelson Alexander observed that the rate increase has reduced borrowing capacity for many prospective buyers.
Buyers that we are talking to certainly can’t borrow as much as what they could,
he said. - Despite the hike, Campbell reported that the number of registered bidders for the East Melbourne townhouse remained stable at four before and after the central bank’s announcement.
The clearance rate of 59 per cent follows a week where the market contended with the latest interest rate adjustment.
