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Melbourne’s middle ring suburbs star as competition heats up

Jayitri Smiles

Jayitri Smiles, Real estate editor

Herald Sun

Melbourne’s middle ring has starred at auction as top results are notched in the suburbs.

Buyers competed for keys across Melbourne, with an early clearance rate of 77 per cent recorded from 1042 results reported to CoreLogic last week.

Advantage Property Consulting director Frank Valentic said the strong sales proved how much the market had improved.

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1 Walker Grove, Cheltenham sold at auction.


The property notched a premium result.


“There’s been some talk that prices would return to their peak next year, but I think they’re already beyond that,” Mr Valentic said.

“Middle suburbs in Melbourne are now experiencing really strong growth as buyers have been priced out of the inner areas.”

In Cheltenham, a five-bedroom house at 1 Walker Grove sold well above its $1.05-$1.15 million price guide for $1.423 million.

The property sold for $1.423 million.


It shot well above its price guide.


Hocking Stuart Mentone agent Robert Pullia said it was a “runaway result” spurred on by four bidders.

“The bidding was so fast we didn’t have a chance to announce it on the market until it hit $1.3 million, but that was much higher than we were expecting,” Mr Pullia said.

“It’s hard to keep up at the moment because it has been such a fast turnaround and there’s huge demand from buyers.”

6 Littlejohn Court, Vermont also sold well.


The huge family home’s kitchen.


In Vermont, five bidders raised their hands for 6 Littlejohn Court.

Ray White Forest Hill agent Shaun Perumal said the parkside property sold $81,000 above reserve for $1.401 million.

“The real estate market is really healthy for us right now and the current climate is what we’ve been waiting around 18 months for,” Mr Perumal said.

“A family bought the property and they loved the size, the multiple living zones and the amazing view you get from the master bedroom.”

The Vermont house sold for $1.401 million.


Living areas inside the home.


Other top results included a three-bedroom unit at 3/24 St Huberts Rd, Carnegie, which sold $110,000 above reserve for $960,000. Mr Valentic said it was “commonplace” for properties to sell at a large premium at the moment.

The November 16 weekend was the second busiest for auctions in the state this year, with 1241 Melbourne properties going under the hammer, according to CoreLogic.

3/24 St Huberts Rd, Carnegie sold for $960,000.


The humble three-bedroom unit shot past reserve.


Melbourne’s inner east, inner south and outer east subregions all had early clearance rates beyond 80 per cent.

There will be a slight drop in volume next week, with 1090 homes in Victoria’s capital to test the market, according to CoreLogic.

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