What does $15 million buy in Melbourne’s prestige property market these days? A blank canvas apartment in Eureka Tower,looking for a dream fitout.
A young couple who had not even been hunting for a home won a hard-fought auction,pipping their rival at the post with a $500 bid and a plan to beat future interest rate rises.
Days out from another likely super-sized interest rate rise,the crowd kept their hands in their pockets while a vendor bid was placed. But then,a surprise entrant made themselves known.
The biggest price rises over the past year have been in smaller towns,some with median house prices of just $200,000,although it’s not all good news for locals.
Home buyers are reading about price falls by next year and trying a bold approach to snag a discount on properties they like but cannot quite afford.
Homeowners who listed their properties for auction are increasingly abandoning their plans,although veteran agents have some advice for anyone trying to negotiate a deal in this market.
Regional households are facing higher rent prices or being forced to move away from their community,after many landlords sold their properties to owner-occupiers from Melbourne or converted them to short-term holiday rentals.
It can be tricky to find one close to the centre of the city,but look a little further afield and there are more and more options for home buyers hoping to avoid bill shock.
Some lockdown-era hotspots are missing from the latest ranking of suburbs where property values have risen most,but cheaper options made the cut.
The renowned architect designed the Camberwell residence as his family home,but the most recent owner tried several times to remove it from the heritage register - and lost.
As property prices fall,some buyers hesitate to bid on auction floors in the hope of picking up a bargain later. But what if their rival is trying the same tactic?