And as long as buyer demand continues to outweigh supply, this trend is likely to continue.
Frank Valentic of Advantage Property Consulting said 35 McNamara Street, Preston West, was quoted at $505,000 and sold for about $604,000. Another property, at 9 Towers Street in Beaumaris had an asking price of $720,000 and sold for $822,000.
”I’ve never had a private sale sell $100,000 over and it happened twice this week,” Mr Valentic said.
Craig Stevens of Jas H Stephens Real Estate said five bidders pushed the price of a five-room home at 36 Hamilton Street in Seddon. The double-front period-style home sold for $861,000, more than $100,000 above its reserve of $750,000.
Noel Jones group chairman Adrian Jones said investors were back in the market ”with a vengeance”, after a four-room property at 4/44 Walpole Street in Kew sold for $508,000, above a $430,000 reserve and despite a previous sale in the block going for $390,000.
”There’s a lot of pressure on the market … with so much population growth, a strong economy and good prospects for the future, I can’t see it stopping.”
Anyone still thinks the property market is going to crash soon?