Economists have warned of the possibility of more price falls in coming months, but there were few worries on show at the most expensive Melbourne auctions of the year so far.
Kay & Burton Bayside director Alex Schiavo said the 1311-square-metre block near the beach was a major drawcard.Schiavo said the interest in the property was a sign confidence in the market had picked up, as the home was liveable but required extensive work.
Kay & Burton auctioneer Sam Wilkinson said the property was located in a quiet cul-de-sac close to schools. The 15-year-old house was extended about a decade ago before renovations about three years ago. In Balwyn, an overseas buyer snapped up a luxurious five-bedroom family home for $4.605 million, a figure well above the guide of between $3.8 million and $4.08 million., which is close to schools, supermarkets and other amenities, and four active bidders competed at the auction.
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