The apartment at 304/29 Bedford Street in Collingwood, part of the Otter Place complex designed by architectural studio Hassell and interior practice DesignOffice for developer Milieu Property, was sold on Saturday during a break in heavy rain. The two-bedroom residence features industrial-style concrete ceilings, luxury V-ZUG appliances and a light-filled balcony.
Nelson Alexander Fitzroy agent Charlie Barham described the auction as "short and sharp". The buyer's advocate opened the bidding at $1 million, with $10,000 increments pushing the price to about $1.06 million before dropping to $5,000 steps. Bidding quickly passed the reserve and the hammer dropped in favour of the young couple, who live locally.
The first-timer couple outbid an experienced buyer's advocate to secure the apartment, which had a price guide of $1 million to $1.1 million. Barham said Milieu Property has built a strong reputation in the inner north, and when one of their apartments comes to market, there is a good level of confidence before buyers even walk through the door.
Barham said this week's interest rate rise by the Reserve Bank appeared to have had no bearing on the result. "I think the auction would suggest that people were expecting it and had factored it in," he said.
The sale took place on the first auction weekend under Victoria's new reserve and sale-price disclosure laws, which require vendors to state the reserve price before bidding begins.