Blue chips break fall
demand results in growth for the market.”
Mal James, of James Buyers Advocates, agreed that while some heat had gone out of the market, there was still strong competition for quality property.
“The market is not tanking on good well-priced A and B grade homes — not by any stretch of the imagination,” Mr James said.
“The market has flattened, turning a bit, but the local demand, and it’s very strong on the A graders, seems to be laying the structure for a soft landing.”
Strong results were posted at many top-end auctions last week, led by the biggest result reported to CoreLogic RP Data of $7.805 million for a Victorian terrace in Albert Park.
Three bidders competed for the stunning double-fronted, double storey home at 24 St Vincent Place that was sold by Marshall White for $495,000 above the reserve.
Top-end properties north of the river also performed strongly, with a sale in Fitzroy North showing buyers are still willing to pay big bucks.
The four-bedroom Victorian home at 79 Delbridge St was sold under the hammer by Nelson Alexander, Fitzroy, for $3.4 million.
Selling agent Janine Ballantyne said there were three bidders on auction day which showed their was still strong demand for quality homes.