Over the weekend the Hodges team saw that the demand for family homes in Melbourne remained high.

In Saturday’s article in the Herald Sun, Director of Hodges Beaumaris Michael Cooney explained how competition drove the market. “If you take Beaumaris as an example, there is usually a minimum of 120 properties for sale online and at the moment there are 42,” Mr Cooney explained. “This effectively means that stock levels are two thirds down and there are buyers everywhere.”

Those looking to buy a family home over the weekend were certainly in for a game of tug of war. This was very much the case for 1 Olinda Avenue Beaumaris, which sold for $1.625 million a week before it was scheduled to go under the hammer due to very strong pre auction interest shown by a number of competitive bidders in the market for such a family home.

“We actually had really strong European interest because of the architecture” Mr Cooney said. “We had buyers from Germany, France and Switzerland coming out of the woodwork,” he told Jordan Marshall from the Herald Sun.