A beachside beauty
coveted growth zone. The development site at 18 Royal Ave sold for $1.705 million, achieving $75,000 more than the vendor’s reserve, Harry Li, of iSell Group, Springvale said.
Mr Li said the result was above expectations, considering a nearby property with approved plans fetched $1.5 million in mid March.
Across the market, 516 sales were reported last week to CoreLogic, which recorded a preliminary 69 per cent clearance rate, down from 72 per cent the previous week.
WBP Property’s Greville Pabst said the limited volume of auctions was the major factor to Melbourne’s slowdown.
“Volumes have declined to the extent that a number of real estate agents have reported the lowest number of listings on record per selling agent, on average, at this time of year,” Mr Pabst said.
Mr Pabst said it was clear many vendors and agents had decided to wait out the school holidays.