Insights

It’s official – units are going off. Once the domain of the entry-level buyer, units are now attracting some extraordinary prices – witness the weekend auction in Brighton that saw an unrenovated three-bedroom unit at 4/23 South Road sell for $1.266 million, $416,000 more than the $850,000 reserve. Congratulations to auctioneer Julian Augustini for this great result.

There’s been talk of oversupply threatening unit prices, and it might hold some truth in the CBD but it’s certainly not the case here. As seller John Plunkett pointed out, his unit is a four-minute walk to the beach and even closer to a train station.

The bottom line? Property in a prime location will always sell, and that’s what you can tell vendors and buyers who are anxious about the so-called oversupply.