It was the only property to go under the hammer in Melbourne’s CBD on Saturday 24th March, despite being one of the busiest auction weekends of the year with more than 1700 auctions scheduled.
Between July and December of last year, they raked in $40,000 leasing the unit for weeks at a time to high-flying executives and corporate visitors.
But listing agent James Edmundson, of Harcourts, said the property had appealed to owner-occupiers looking for a city base, rather than investors.
As heavy rain fell across the city, a crowd of 20 people crowded into the apartment’s living room for the auction.
A phone bidder, a woman representing her interstate daughter, placed the opening bid of $900,000, countered by a $950,000 bid from a couple who inspected the place on Thursday and wanted their two adult sons to move into the apartment.
After the property was declared on the market by auctioneer Dionne Wilson at $1.1 million, another couple began bidding. They had only inspected the apartment minutes before the auction, having only just returned from overseas.
Holding the bid at $1.14 million, they were on the brink of an expensive impulse purchase when the phone bidder offered another $2000 and the hammer fell at $1,142,000.
Anyone attending our Heritage auctions will always hear us say “Heritage holds value” this result is further evidence of that.
If you would like further information on this sale or any other Warehouse, Heritage or Unique properties throughout Melbourne’s inner city, please feel free to contact me or the Harcourts Melbourne City team.
James Edmundson – Senior Sales Consultant/Auctioneer, Harcourts Melbourne City – 03 9664 8100