Overseas buyer interest adds $100,000 for each $1 million in Melbourne prestige market: Mal James

Melbourne prestige buyers agent Mal James says it would be easy for buyers to throw in the towel, but urges they don't.

Advising buyers to not panicking and sticking to buying fundamentals, he says his client’s last 10 market dealings over a recent 10 days reflect the inner Melbourne market was strong.

"But it’s not impossible to navigate," he said noting some cheers and some tears in their dealings which ranged between $2 million to $6 million.

However he notes several examples of sales at 20% above agent quotes, including to FIRB approved buyers at Studley Park. There was also a Malvern home sale at 33% above agent quote in Malvern.

"Overseas interest can add $100,000 for each $1,000,000 as a rule of thumb," he noted.

"The market is manageable.

"The market is hot and you need to be brave and bold.

"Not ridiculous, but brave and bold.  

"On one of the homes we bought, the underbidder paid $110,000 extra the next day to be an underbidder again on what appeared to us to be a similar offering.

"Better a missed opportunity than a mistake.

"You are not going to get smashed or surprised every time, if you do your homework on price. 

"Sometimes it is just too much and you have to move on.

"Move on but don’t give up or don’t overreact," he said.