In-room auction nets $4.11 million for inner city Melbourne apartments

Ray White Southbank secured the sale of $4.11 million in property under the hammer at an-room uction last week.

There were three sales under the hammer with four more selling prior, for a total clearance of seven from eight units.

Ray White Southbank Port Phillip & Projects Victoria agent Andrew Salvo said it was standing room only at the auction.

"All bidders were pre-qualified and everyone we expected to turn up and bid did," said Salvo.

"We knew ahead of time that we created a really exciting competitive environment. 

"All 35 seats were filled 15 minutes before auction time and there were another 30 or so stood wherever they could. 

"Each property that sold passed vendor reserve prices through natural competitive bidding."

The one that passed in had two bidders.

"We even had significant interest from Sydney buyers look to move down to a cheaper market."

INNER CITY SELLERS

• 3413/350 William Street, Melbourne - $690,000 (4 bidders)
• 3409/350 William Street Melbourne - $1,170,000 (4 bidders)
• 201/565 Flinders Street Melbourne - (Passed in) (2 bidders)
• 910/152 Sturt Street, Southbank - $350,000 (2 bidders)
• 81/173 City Road, Southbank - $735,000 (sold prior)
• 21/6 Williams Road, Prahran - $220,000 (sold prior)
• 1011/80 Clarendon Street, Southbank - $510,000 (sold prior)
• 1110/163 City Road, Southbank - $435,000 (sold prior)

Pictured: 3409/350 William Street, Melbourne 

Salvo said the in-room style of selling was something new for the Melbourne auction market.

"With a huge amount of support and encouragement from the Ray White corporate trainers, we as a team, decided that it's time to turn this largely private treaty market on its head and offer sellers and buyers something new," he said.

"We also believe that buyers and sellers feel more secure due to the transparency of the process."

Pictured: 3409/350 William Street, Melbourne 

A majority of the attendees were Australian citizens or permanent residents, while other nationalities and investors made up about 30% of the crowd, said Salvo.