South Yarra apartment sells well above reserve

South Yarra apartment sells well above reserve

An elegant apartment in South Yarra has sold $70,000 above reserve in a competitive Saturday auction.

After bidding started at $600,000 for 2/30 Tivoli Rd, the two bedroom apartment sold for $695,000, having attracted bids from five groups.

A mixture of investors, young professionald and first home buyers made this a well attended auction, after a huge 260 groups went through the property in a successful four-week marketing campaign.

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Hocking Stuart director Nick Gatacre said the sale was a “fantastic result” for the young vendor family that needed more space.

“They just fell pregnant with their second child so they’ve outgrown it,” Mr Gatacre said.

“They’re rapt, this will make the world of difference to them.”

Mr Gatacre said the quality of the apartment, recently renovated and with a courtyard and contemporary open-plan design, ensured the property would not be effected by negative sentiment in the market.

“Good properties sell well — they always do,” he said.

“The reality is Melbourne’s population growth and jobs growth is the highest in the whole country and people need to live in properties.

“It’s a supply and demand thing and there’s very little stock on the market.”

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jack.boronovskis@news.com.au

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