Auction Observation - Albert Park

Date  3 September 2022

Time  11.30 am auction

Address 22 Madden street albert park

Agent – Marshall White -Oliver Bruce ,

Likely range $2.65m-$2.90

A landmark 2 story balconied Victorian terrace c1900 in the heart of the Albert Park village

3 bed 2.5bath, renovated kitchen to the rear and separate dining room,rear access but no car accommodation.

I was surprised to see the size of the crowd, over 100 people and 3 competitive bidders

The market appears to have shifted regaining some confidence

Perhaps the announcement yesterday of the intake of 195000 migrants into the country has stirred people into auction. There is certainly change in the market
A month ago there would have been one buyer for this property, today there were 3
A colleague rang me just before the auction to say he was at another auction and there were 9 separate bidders

The auction in albert park opened slowly with a vendors bid of $2,800,000 and was announced on the market at $3,060,000
Three bidders a family and two buyers agents fought it out with spirited bidding before it sold under the hammer for $3.275m

On the results so far there is more buyer depth and market appears to be off life support!