Interstate investor spends $2.8 million on Caulfield East apartment block

An interstate investor paid $2.825 million for a strata-titled apartment block at Caulfield East.

The 1970-built block of five apartments had been in the one family for more than 35 years.

Teska Carson selling agent George Takis advised 33 Grange Road property drew 80 plus enquiries.

There were 110 bids from six bidders driving the price to $125,000 above the vendor’s reserve.

``This was a great result for Melbourne’s suburban boutique apartment market," Takis said.

"Investors have been very wary of a product that has seen many sell at below their purchase price but the smaller, well-located, blocks have held their value well."

It was a 980 sqm holding with the build area totalling 485 sqm.

There are 3 x 2 bedrooms and 2 x 3 bedrooms.

The last time one of the tightly held rental apartments was marketed was in 2018 when a three bedroom ground floor apartment was offered as a $550 rental.

In 2008 it was a $270 rental.

A top floor unit was offered in 2016 at $495 a week.

Another was offered in 2013 at $350 a week.