Smaller Melbourne apartments snapped up by regional owners as city bolthole

Nationally houses outperformed units, with 80 percent of houses recording a sold result over the past week, compared to 71 percent of units.

Smaller Melbourne apartments snapped up by regional owners as city bolthole
Smaller Melbourne apartments snapped up by regional owners as city bolthole

Smaller Melbourne apartments were snapped up at weekend auction by regional owners who need a city bolt hole in their post COVID work/life arrangements.

It was the case with Melbourne's cheapest weekend auction sale when $295,000 was paid for a one bedroom Carnegie apartment.

The Gary Peer & Associates selling agent Graeme Callen had a price guide of $270,000 to $295,000.

"With easy access to bus, tram & train services, this easy-care home is the ultimate package for a first home buyer or astute investor," his marketing suggested.

However it was bought by a couple as their city bolthole for a few days a week when they work in Melbourne.

The refurbished 10/36 Moonya Road, Carnegie offering was among the 1420 weekend Melbourne auctions, with CoreLogic advising an 76 per cent preliminary success rate, slightly lower than the 78 per cent national clearance rate, led by Canberra at 85 per cent.

Houses outperformed units, with 80 percent of houses recording a sold result over the past week, compared to 71 percent of units nationally.

There was a $671,000 median unit sale in Melbourne with a 64 percent success rate. 

Another sale to the emerging demographic of regional owners buying city pads came when a charming one-bedroom, 1930s ground-floor Toorak garden apartment sold for $730,000.

The 3/7 Wallace Avenue apartment had a price guide of $650,000 to $715,000.

It was bought by a recent seachanger, who outbid four through Jack Edgar from RT Edgar Toorak.

It was among the 1420 weekend Melbourne auctions, with CoreLogic advising an 76 per cent preliminary success rate, slightly lower than the 78 per cent national clearance rate, led by Canberra at 85 per cent.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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