Port Melbourne: buyer conquers ‘scary’ market behind closed doors
A buyer who feared Melbourne’s surging market plucked up the courage to offer big bucks behind closed doors for a Port Melbourne townhouse, which first passed in at auction.
Private negotiations proved key to selling a low-maintenance home in Port Melbourne, which passed in at auction before changing hands.
Two bidders competed for the keys to a two-bedroom house at 75 Alfred St, which sold for $1.15 million behind closed doors.
The four-year-old townhouse’s final figure was well above the $1.05 million final bid placed by the eventual buyer.
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A local woman, who didn’t give her name, bought the property because it was ready to move straight into.
The US-born buyer called Melbourne’s cutthroat property market “scary”, with so many homes flying above reserve at the moment.
Vendor Naomi, who did not give her surname, said she was upgrading to a period-style home in the area.
“That’s always been more of our dream,” she said of the change.
Marshall White Port Philip agent Sarah Wood said post-auction negotiations had been fairly straightforward with the buyer. “She had interest from the beginning so I was fairly confident it would sell to her,” Ms Wood said.
“Market sentiment has improved significantly in the last four to six weeks – all signs are very promising for 2020.”
Ms Wood said there had been increased bidding at auctions during the second half of the year.
“People have been sitting on their hands for a long time and now that interest rates are low and banks appear to have relaxed lending criteria, I think people are happy to purchase property,” she said.
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Originally published as Port Melbourne: buyer conquers ‘scary’ market behind closed doors