The auction winners had to be coaxed to dig deep in their pockets for the charming home,and it was enough to get them across the line.
The cost of buying a house is nearly double that of a unit,making it much harder than a generation ago to move on from a first home.
The society couple bought the glamorous beachfront villa for about $13.5 million four years ago and did a cosmetic renovation.
Property developers and builders opted not to press ahead with a record number of units in the last five years – despite them being approved by councils.
Potential home buyers are facing sky-high savings goals unimaginable even a decade ago,and looking for solutions to bridge the gap.
Buyers are paying huge prices for property in beachside hotspots that cost much less before the pandemic hit.
‘I just love the property. I’m very,very happy to be in this neighbourhood,’ said the new owner,who bid in front of a 100-strong crowd.
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A string of popular spots are cheaper than a year ago – but in other neighbourhoods,prices are only getting more expensive.
There are more opportunities for buyers now than a few years ago in an end to the boom that had pushed prices to unaffordable levels.
A few years ago,buyers were snapping up properties sight unseen,but Melbourne’s market has since faced a string of hurdles.