A tidy but compact three-bedroom house at 316 Canning Street sold to a family for $1,765,000 after a round of competitive bidding on Saturday, exceeding the reserve of $1.7 million.
A Carlton North home that sold at auction had been in the same family for five decades.Investors paid $1.15 million for a Kensington two-bedder.About 100 people attended an auction for a Carlton North terrace house on Saturday, but only two bidders battled for the keys as homebuyers remain cautious about rising interest rates.sold to a family for $1,765,000 after a round of competitive bidding, exceeding the reserve of $1.7 million.
“[The bidding] was spirited and a reflection of how good the location was. It shows a flight to quality in this market, with good property still doing really well,” he said.He said a lack of supply continued to be a driving factor in the market, keeping prices high. The risk of possible recession, the increasing cost of living, or changes to a buyer’s borrowing power would all affect this decision.
Sellers are not required to disclose their reserve price to an agent before auction day, and the reserve can be set higher than the advertised price guide. “Buyers now understand the cost of borrowing has gone up, and it’s not likely to go up too much further from here, so there’s that element of confidence coming back into the market,” he said.Elsewhere, a Sydney-based couple snapped up a cosy two-bedroom home in Kensington as an investment property, unfettered by competition, after a first home buyer decided to opt out of bidding.sold for the reserve price of $1.15 million, in the middle of its price guide of $1.1 million to $1.2 million.
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