From Secret Agent Buyers Advocate, Jacinta Ryan.
East Melbourne properties continue to sell despite the supposed softening of the real estate market. 12 Darling St was put up for auction on the weekend with the usual large turnout of locals who always take the opportunity to catch up with the neighbours and keep an eye on property values in the area. However two parties had their cheque books in their back pockets and were keen to spend some money in what is possibly Melbourne’s most community minded and socially active suburb on the edge of the city.
The property itself is interesting in that the home is a single level property and a reasonably new build – two unusual features for East Melbourne. Facing west onto Darling Square, it has an easterly back yard and a delightful Paul Bangay garden. Off street garage parking is a great bonus with added parking at the front of the property as there are only houses on one side of the street and centre parking also.
Bidding started after some encouragement from the auctioneer and moved quickly through the $2.5 million barrier. Stopping at $2.78 and still not on the market the last bidder was offered the option to negotiate and the sold sticker was soon across the board for an undisclosed figure.
123 Gipps St after a number of months on the market is also sporting a sold sticker and 156 George St sold for a huge price of $2.025 million. The last recorded sale in that building was about 3 years ago for $1.53 million. 156 George St is part of the old Benjamin Mansion that has been divided into 4 large residences. No slowing of the market here where quality and period meet.
Still on the market is 114 Vale St – a beautifully restored property with uninterrupted views of the city. Whilst not in everyone’s price range, a magnificent property that leaves nothing to be done.
140 Gipps St is holding its value well in the apartment market with one originally purchased off the plan re-selling in the past few weeks. The big brother development, 150 Clarendon St has a few for sale in there with these apartments suiting the most fastidious buyers. A 24 hour concierge brings New York to East Melbourne.
Speaking of New York, the Tribeca development is a great entry point into East Melbourne and has its usual one or two on the market. There are five separate developments all with their own flavour, on the one site affectionately known as the “old brewery “ and they are at an affordable level for the first home buyers needing to be close to the city and not requiring a huge space to live in. Wellington Gardens at the eastern end of Flinders St has had some success in the past few weeks along with the much publicised One East Melbourne.
Nothing stays too long on the market in East Melbourne and there is something for all buyers at all budget points.