The booming property market in Bonbeach has surprised buyers and sellers alike

The booming property market in Bonbeach and Brunswick East has surprised buyers and sellers alike

A small boat for rent in Bonbeach, measuring almost 20 square meters, set a new record for the suburb with a staggering auction result of $310,000. This unique waterfront offering has reset the local record books and attracted a lot of attention. The boat shed, emblazoned with the Australian flag, now holds the title of the most expensive shed sold at Bonbeach.

Bonbeach, a suburb located in Victoria, Australia, is known for its beach huts and boats. However, these properties can only be purchased by Kingston Municipality taxpayers who are willing to part with a six-figure sum, because banks do not provide loans for these types of properties. This exclusivity adds to the allure and desirability of owning a beach hut or home in the area.

Read Also:  An Architectural Gem in Black Rock, Victoria

In another shocking auction result, a Brunswick East family was delighted and surprised when their home, built just four years ago, sold for $1 million above its reserve price. With 11 registered bidders, the auction at 8 Hamer Street went “absolutely crazy”. Only two bidders had the opportunity to bid, resulting in an extraordinary result for the sellers.

As the year draws to a close, buyers are carefully considering their options. Some assess the risk of waiting until the new year, when the market may move, while others are moving now. Despite the high number of auctions expected next week, industry experts predict that many properties may be sold after failing to meet the reserve price.

Read Also:  New Zealand's Joe Schmidt is Australia's new rugby coach

Melbourne’s housing market has become patchy, with some areas experiencing higher levels of home owner sales. Ray White, a leading real estate agency, closed pre-auction deals for 13% of homes this week, surpassing the average of one in ten in recent weeks. This trend shows that sellers are becoming more proactive in securing deals instead of relying solely on the auction process.

Overall, the Victorian auction market remains active and full of surprises. The record auction of the Bonbeach boat shed and the unexpected sale of a home in Brunswick East highlight the dynamic nature of the property scene. Buyers and sellers should be prepared for the unexpected as the market continues to evolve.

Read Also:  Electric vehicle loans are showing a significant increase in Australia