First weekend of spring brings out buyers

12/09/2008

A tiny interest rate cut and a burst of sunny weather helped spring's first weekend of auctions but buyers were still reluctant to bid, preferring to watch properties pass in and then try to snare a bargain.

In Elwood, Rand's Mark Tappin auctioned a large well-renovated house in one of the best streets yesterday, but received no bids. The house, at 17 Beach Avenue, was passed in on a vendor bid of $2.6 million. Mr Tappin said prices for apartments and townhouses had fallen a little bit but not as much as other suburbs.

His firm sold an unrenovated house on a large block of land on Ormond Esplanade during the week for $4.6 million. He said sales were taking longer but properties were still selling.

Source: The Age, Austions and private sales, Monday Sep 8 2008, Kate Nancarrow