Buyerinspectionnumbers liftasconfidencereturns

“The continued lack of stock has seen 2-3 buyers expressing interest for the same property, and more recently we are converting these expression of interest campaigns to private boardroom auctions, which is exceeding vendor expectations”

With Stonnington and Boroondara suburbs blessed with top private and public schools, families who are moving for their children’s educational needs are driving a significant segment of the market.

The publication of Melbourne’s best schools list also impacts a family’s decision about which suburb to buy into after selling up.

“Downsizers also continue to drive this market as locals are usually relocating from larger properties to smaller homes, making for a seamless changeover within the same market,” Ms Case added.

Exceptionalsalesand off-marketdeals

Among the city’s top sales so far in 2023 was an off-theplan East Melbourne penthouse that was sold by Ms Case for $19 million. Located in a premier inner-city locale, a local family set a new apartment benchmark with the purchase at the 380 Albert Street development. A three-bedroom home at 33 Hawksburn Road, South Yarra, attracted three buyers and sold via expression of interest for more than $7 million “An unrenovated home around the corner at 4 Cassell Street also achieved a very good price in an off-market deal,” Ms Case said.

A Provincial-style home at 17 Avalon Road, Armadale took to a boardroom auction and sold for an undisclosed amount, within the quoted range, leaving threeunderbidders eager to buy 40 Head Street, Brighton, also went under offer, it drew seven offers. With a notable list of buyers on its database, RT Edgar took a buyer through 43 Finch Street, Malvern East, which had been unsuccessfully listed with another agency

It achieved an exceptional price in the $5 million range in an off-market sale.

And in Balwyn, a four-bidder contest gave the vendor a $400,000 windfall above their reserve, with the 2 Alandale Avenue home selling for $351 million With scores of underbidders still hunting for properties, there are many opportunities for owners to list and snap up strong prices.

While larger luxury homes have notched sterling prices, smaller homes have also surprised with excellent sales “There are sellers who are reluctant to go to campaign and prefer an off-market transaction, however, based on previous results, going to market is creating competition and drawing multiple buyers vying for the same property.”

In Toorak, a property at 3 Nareeb Court also returned a great result when it fetched just below $7 million.

And a ` next gen’ buyer also splashed a high seven-figure sum on a property in need of a renovation at 21 Montalto Avenue in the same suburb

For an updated appraisal on your property, please get in touch with a member of our sales team or visit www.rtedgar.com/property-appraisal