Melbourne unit passes in as property market hits a slump
A Caulfield North two-bedroom unit failed to sell at auction as Melbourne's property market stalls.
A unit at 1/388 Dandenong Road in Caulfield North was passed in at $650,000 this week, with auctioneer Karl Fitch unable to coax a single bid from the crowd even after placing a vendor bid of $640,000.
The property was guided at $600,000 to $660,000 with a reserve of $680,000. Karl Fitch, with 45 years in real estate, said the market has gone unusually quiet.
Karl Fitch said he should be flat out at this time of year but is not, and has no stock lined up for October. The contrast is sharp: just kilometres away in Epping, a three-bedroom home sold for $760,000 after five bidders competed fiercely, jumping the reserve from $680,000 to $700,000 during the auction.
One couple looking for their first home sealed the sale with a knockout bid after 15 months of searching.
- $680,000
- Reserve price
- $590,000 in 2010
- Last sale price
- Karl Fitch, 45 years
- Auctioneer experience
- 182 scheduled in Melbourne
- Auctions that week
Why it mattersBuyers entering the market now have more bargaining power, but sellers face a tougher landscape with fewer active buyers competing for property.
AustraliaMelbourne's property market is slowing sharply, affecting both first-time buyers and investors trying to sell. A quieter market gives buyers leverage but signals tighter conditions ahead.
✓ Claims checked against the source and corrected before publish. checked 3 h ago
Open this story in InSnip →
