Melbourne property prices surge

Added to the hype of Australia’s latest hotspot, Harcourts is seeing astronomical demand and consequent growth in the city of Melbourne.

1 Thurling St, Mentone

In just 2005 the Melbourne median house price was just over $350,000, and now it sits at a record $540,000 .

Harcourts is witnessing strong sales figures, in particular are the great successes seen at recent auctions.

Recently, an auction was held by Harcourts Auctioneer Peter Gourdouros at 1 Thurling Street, Mentone. The property saw massive interest during the 30 day campaign, with nearly 100 groups inspecting the property prior to auction.

Harcourts Cheltenham Director Stavros Ambatzidis said, “With such strong interest from the start of the campaign, we were expecting a fairly big turn out on auction day.”

The home is an original 1960s building that does need a lot of work to restore it to its original beauty.

“The real pull of this property are the phenomenal bay views on a rather large parcel of land,” Mr Ambatzidis said.

“On auction day, the property attracted a 150-strong crowd, which both Harcourts and the sellers were very pleased with.

With an opening bid of $900,000, the bids were flying, with rather large increments from 11 keen purchasers. A strong team of almost 10 sales staff were there to help potential purchasers in bidding.

“It was great to see such strong bidding – it really is a testament to the strength of the Melbourne market at the moment,” Mr Ambatzidis said.

“The property sold for a whopping $1,510,000, with nearly 44 bids during the proceedings.

“This exceeded our vendor’s expectations and the reserve price by almost $460,000, which is a spectacular result for any real estate agency,” he said.

“I’ve been involved in well over 1,000 auction campaigns, and I have to say this was the best auction I have ever seen.”

To view the auction day, please follow this link,

http://www.transfixmedia.com.au/Stream/realestate/HC/1Thurling/HC_ThurlingAuction_V1.html

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