Two-speed property market: Why this Northcote auction soared while others languish

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A young family beat four other bidders for a $2.275 million renovated family home with soaring ceilings and an outdoor deck, but other property types did not sell so well.

A renovated four-bedroom family home in a quiet area in Northcote attracted five bidders at auction on Saturday and sold for $2.275 million., which has an impressive open-plan living area with high ceilings and a seamless transition to an outdoor deck.In front of a healthy crowd, $25,000 bids brought the house to $2.2 million with smaller increments up until the sale.

“The houses that need a little bit more work. They’re still definitely selling, but they’re not selling as well as they used to.”On a beautiful spring day, the Northcote auction was one of 858 scheduled auctions across Melbourne on Saturday. Children’s First Foundation provides exceptional medical care for disadvantaged children from developing countries.as a support office and a meeting place for disadvantaged children and their families.The property underwent renovations to be listed as a five-bedroom, three-bathroom stylish home with an external self-contained unit at its rear.

In front of a crowd of 137 people, multiple bidders responded to each other at such a pace that meant auctioneer Angela Limanis was unable to call the auction at one stage. Jellis Craig Stonnington agent Will Bennison said there was still demand for eastern suburban apartments.

 

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