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Apartment auctions draw the crowds as trio bidders battle it out

Melbourne’s auction market is starting to build as we make our way into March, according to REIV figures, Victoria recorded a 75 per cent clearance rate, down just one per cent from the same time last year.

There were 788 auctions reported across the state, with 455 selling under the hammer and 134 selling prior to auction.

Agent negotiations close the deal

A three-bedroom town residence at1c Fulham Avenue, South Yarra went to auction over the weekend with 20 groups watching on. The property was listed with a $1.7 to $1.87 million price tag, however, passed in on a vendor bid.

After agent negotiations, the two-story property was sold to an Essendon couple who plan to renovate and create their dream home.

RT Edgar Toorak Sales Agent Richard Nowak said the property's biggest attributes is the position and potential.

“The property is located in one of South Yarra’s beautiful tree-lined streets, close to Como Park, elite education, shops, cafes, and transport,” he said.

“The campaign attracted great attention with over 65 groups through open inspections of mostly young couples and downsizers.”

Southbank apartments achieve auction day success

A heated auction at 1401/39 Coventry Street, Southbank saw three bidders vying for the keys to the two-bedroom pad. The campaign drew great interest according to RT Edgar Albert Park Director Gerald Betts.

“We welcomed between 10 and 12 groups through at every open inspection, it was a really successful campaign and sold well on the day,” he said.

“Location and lifestyle are the biggest drawcards for the home, positioned right by the tan, it’s really a great location.”

The auction started slow, climbing in small increments before the hammer fell at $673,000.

“It was a slow start with an entry bid of $500,000, which climbed after 30 bids, circling between the three buyers,” Mr Betts said.

The two-bedroom apartment achieved $36,000 above the vendors' reserve.

Nearby at 412/152 sturt street, Southbank, another three bidders battled for the keys, falling successfully to the first bidder at $535,000.

Albert Park sales agent Jonathon Bird said the apartments' uniqueness drew the crowd.

“While we had just three bidders, the auction pulled more than 25 groups to watch the action unfold,” he said.

“We had quite a lot of movement through the campaign, about 45 groups in total, it’s a unique apartment featuring unrestricted views towards St Kilda from its 72sq m balcony, it’s something else.”

Melbourne’s first super Saturday is scheduled for this weekend with 1,142 homes listed for auction, 40.3 percent up from last week with the 814 auctions held. Although still down 27.4 percent on the same time last year, momentum is starting to build.

The RT Edgar network have 12 auctions lined up between Thursday, 2 March and Sunday 5 March.