Couple nabs stylish North Melbourne warehouse conversion for $940,000​on March 8, 2025 at 2:45 am

“It’s a mixed bag. We are seeing some that are priced well that are being really competitive but it is a price-sensitive market,” he said.

“There is some confidence we have seen the bottom of the market.”

Elsewhere, a family paid $720,000 for a Cheltenham villa unit in a hot auction.

Four parties, mostly first home buyers, competed for the three-bedroom home at 1/29 Churchill Avenue, listed with a price guide of $650,000 to $700,000.

But the winners were a young family from the area who are renovating their own home, and plan to move into the villa in the meantime, while also making some upgrades to it.

Loading

Ray White The Bayside Group selling agent Kevin Chokshi said the auction began at the bottom of the price guide and rose fast until about $680,000 in increments of $10,000 and $5000. It slowed a little from there, but two fresh bidders jumped in at the $700,000 mark before the hammer fell at $720,000. He said the price was $20,000 above the vendor’s reserve.

“The market is good, strong,” Chokshi said. “I have more people asking me about offers prior to auction in the last month than last year.”

He said over the last couple of weeks buyers had been talking about the rate cut, and thought there would be a rush of sellers wanting to list properties between now and Easter.