New reserve rule lifts Carlton North apartment almost $40k above asking
A two-bed apartment sold for $752,000 on the first weekend vendors had to publicly list reserves.
A two-bedroom, top-floor 1970s apartment sold for $752,000 on Saturday, sitting almost $40,000 above its $715,000 reserve. Saturday was the first weekend Australia's new reserve-disclosure rule took effect, requiring vendors to make reserves public at least seven days before auction.
The light-filled mid-century home at Carlton North features windows on three sides, an east-facing balcony, and had been owned as an investment for more than 35 years. Three active bidders competed, with the winning couple being first home buyers.
Auctioneer Charles Atkins said the transparency rule had brought more transparency to the marketplace and contributed to the property's strong campaign and competitive bidding.
- $752,000
- Final price
- $715,000
- Listed reserve
- $37,000
- Amount above reserve
- 3
- Active bidders
Why it mattersThe new rule seems to be working: transparency is drawing more bidders and lifting prices, directly affecting first home buyers' negotiating power.
AustraliaMelbourne's new reserve-disclosure law is already lifting auction competition and prices in the inner suburbs, affecting what first home buyers can expect to pay.
Open this story in InSnip →
