Apartment market continues to shine

As we reported on Thursday, the Domain quarterly report indicated that Melbourne’s median house prices rose 0.3 per cent during the June quarter, whilst units and apartments rose by 2 per cent over the same three-month period. These figures showed a rise in both house and unit prices in Melbourne for the first time in 18 months.

This strong interest in the apartment market was reflected in this week’s auction of an apartment in the well-regarded Excelsior building on the Preston-Thornbury fringe (pictured).

This top-floor apartment provided a spacious floorplan with a large bedroom plus a study area, a modern kitchen and a generous open plan living and dining zone which opened out to a wide terrace which captured uninterrupted city views. Other features which drew favourable reactions from buyers included the hardwood floors, the attractive entrance foyer and the resident’s gym.

Obviously, the location south of Bell Street was also a strong benefit here, being walking distance to trams and trains, cosmopolitan cafes and shops, and South Preston Shopping Centre.

The auction itself saw bidding start at $360,000, with four strong bidders competing. A spirited bidding duel saw the price rise all the way to a remarkable $450,000, setting a new record for a one-bedroom apartment in this area! As regular readers will know, this result also continued our unbroken 100% success rate with auction results throughout the Winter to date.

The good news is that the team at Barry Plant Preston and Northcote have been achieving excellent sales results recently on all types of property, (not just the apartment market), and with all types of marketing methods from public auctions to quiet off-market sales.

If you are considering selling in 2019, feel free to give us a call to discuss your options at any time.