Young families pounced on swish South Yarra pads at auction, producing strong results in the suburb under the hammer.
Two family-sized townhouses sold above their reserve as bidders battled for the keys.
At 25 Balmoral Place, located next to the popular Prahran Market, two parties contested across more than 12 bids for the home.
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The property sold for $1.3 million.
The buyers plan to do renovations before moving in.
A young family came out on top against an investor, securing the property for $1.3 million.
Hocking Stuart South Yarra director Nick Gatacre said the home sold $45,000 above reserve.
“It was affordable accommodation based on its location,” he said.
“The buyers are planning on renovating the house and then living in it.”
It sold $45,000 above reserve.
Two bidders competed for the property.
Mr Gatacre also sold another popular townhouse at 64A Fawkner St, a five-minute walk away from Balmoral Place.
The recently renovated house also had two bidders battle back-and-forth before reaching a sale at $1.851 million.
It had been recently renovated.
The low-maintenance home sold above its $1.82 million reserve.
“A young family beat the other bidders on this one, because they wanted to be in the South Yarra Primary School zone,” Mr Gatacre said.
“It’s one of the better streets in South Yarra and it has had a quality renovation.”
The townhouse sold above its $1.82 million reserve.
It was in the South Yarra Primary School zone.
Advantage Property Consulting director Frank Valentic said the sale was a strong result for the vendors.
“It’s had some solid growth for the owner, they paid just over $473,000 in 2007,” he said.
Mr Gatacre said Melbourne’s clearance rate, which had fallen below 50 per cent for another week, did not reflect the activity in South Yarra.
“It’s an affluent area with quality properties, and it’s still ticking along nicely at the moment,” he said.
“In the last five weeks we had about 12 properties go to auction, and all of them have sold.”
Melbourne’s preliminary clearance rate was 48 per cent for the week ending November 11, CoreLogic data shows.
SUBURB PROFILE: South Yarra
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