‘Gutted’ St Kilda apartment sells for $537,000

2 months ago 20

An investor outbid three owner-occupiers for the keys to a gutted St Kilda apartment, shelling out $67,000 above the reserve at Saturday’s auction.

The unit at 15/19 Redan Street, featuring two large, light-filled bedrooms, was listed with a price of guide of $450,000 to $495,000, with a reserve of $470,000.

McGrath St Kilda listing real estate agent Nicole Prime said the auction opened with a $350,000 bid, which the male bidder agreed to make $400,000 when the auctioneer joked it was too low.

“He basically bid against himself – it was in good humour,” Prime said. The bidder was soon joined by three others, who traded 42 bids in increments of $10,000, $5000, $2000 and $1000 until one hit the sale price of $537,000.

“There was a nice energy to the auction, even though it’s an odd sort of apartment,” Prime said. “It’s been gutted, but it’s less work than you realise.”

She said the market had become more consistent, with buyers and sellers becoming more accepting of interest rates.

The St Kilda apartment sold for $537,000 at Saturday’s auction.

“It’s steady, and interest rates aren’t being spoken about as much – there is an acceptance in that, a sense that people are moving forward. It feels like everyone has accepted the market,” Prime said.

In Melbourne’s western suburbs, a four-bedroom townhouse with three bathrooms sold under the hammer for $770,000 following a bidding war between six parties.

The home at 11 Mayfield Grove, Altona Meadows, was listed with a price guide of $600,000 to $650,000 and attracted “a good sweep of all buyer categories”, said Ray White auctioneer and real estate agent Anthony Anile.

“We had bidding from interstate, a rep from vendor advocates, a lot of first home buyers, second time buyers and investors,” he said.

After an opening bid of $615,000, the property quickly reached its reserve of $650,000, and climbed to the sale price in increments of $10,000, $5000 and $1000.

The buyer was from a young family who had seen the property a few times, Anile said, and the closest underbidder was a couple trying to buy their first home.

The Altona Meadows townhouse drew a crowd of six bidders at Saturday’s auction.

Anile said sellers should get ahead and list their properties early in 2026 to satisfy remaining buyers.

“Anybody considering selling in 2026 should get on the phones and make that decision quickly – the number of properties available in January versus the number of buyers who have missed out is low,” he said.