capping off the biggest spending spree on re-cord | My Assignment Tutor

HOME AUCTION BONANZABuyers smash recordsCAROUNE JAMES Property editorVICTORIANS spent more than $950 million on real estate last week alone, with a strong auction day yesterday capping off the biggest spending spree on re-cord_ Blatanl under quoting and grave concerns over housing of {Rid little to tarnish Vklioria’s biggest home sale bon-anza. Agencies hosted 887 re-ported auctions yesterday — more than any singie day Sinfe November I.ast year. Almost nine out of 10 homes sold during the week, as did 7l3 harry as In private sales, resulting in a sales total of $951,650,000 since Monday. “We are finalising (yes-terday’s) results, hot on what we have in front of us it appears this wag the strongest day in dollar terms in our recorded his-tory,’ Real Estate institute of Victoria Npokesman 11{1bert Larocca Homes repeatedly soldNEW LAND SNAPPED UPDESPERATE home buyers camped out for days to grab a piece of Melbourne’s scarce land in Greenvale. Oliver Hume Property Group yesterday released 22 vacant lots from its Providence Fainter off Mickleharn Rd. They were snapped up in just 39 mi mites. Agent Paul Ciprian said 14 buyers had ramped in cars and caravans since Tuesday, even before the lot priLL5 and final (elegise date were confirmed_ Buyers paid $220,000 for the smaller 425sq in lots, while the 730sq m blocks sold for about $280,000, JAMES DOWLINGfor up to 20 per cent above quoted prices yesterday. lnduslry stalwart Tim Fletcher “stuck his neck out” and forecast Mel-bourne’s median house price would reach almost $650,000 by the end of next month. This quarter is going to be the biggest quarter ever,’ Flewher A Fortner housing com.- mission home in Jackson St, Richmond, which was ]ast bought for $4400 in 1958, was advertised for $700,000 la $750,000 de-spite the fact its actual asking price was $80i 1,0 00. Agent Bruce Severns said he did not know whatprice the vendor was seek-ing until auction day The ern renovated home sold in front of a crowd of almost 100 to a young couple for $917,500. Commentators warned home }i ‘Turd abiti ty was slipping away from many (ini-time buyers and fam-ilies. Buyer advocates said they were deeply con-cerned by the level of de-mand. “The :.4reriousness of the affordability crisis is much more dire than anyone has so far been prepared to say,” advocate Catherine Cashrnore warned.. “This is Ent a Nibble, but representative of something, much more en-during, a crisis?’ Going, going, gone: Agent Bruce Save ms closes the deal on a Richmond home. PI cture: ROB LEESON

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