Trio of Richmond sales reflect inner city investment interest

A series of sales in Richmond throughout the past month and a half has highlighted the suburb’s appeal to investors, according to Melbourne realtor Gross Waddell.

property sales in Richmond are nothing new, but they have been coming in thick and fast for realtor Gross Waddell across the past couple of months.

The agency has overseen a trio of recent sales within the suburb. Senior Associate Andrew Greenway managed the campaigns of 619-623 Bridge Road, 129 Burnley Street and just recently, 111 Hoddle Street.

Both 619-623 Bridge Road and 129 Burnley Street were sold via auction, with the former selling for $400,000 above the reserve price at $4.4 million

Mr Greenway said while each property had received a different response from buyers, there had been similarities in the sales.

“Both properties returned sub-4 per cent yields,” he said.

“The property at Burnley Street was passed into the highest bidder and negotiated, so it was technically sold straight after auction.”

“The inner-city Melbourne market is definitely getting stronger so I can see this trend continuing.” said Gross Waddell’s Benjamin Klein.

 

SOURCE: https://www.commo.com.au/news/2019/09/16/trio-richmond-sales-reflect-inner-city-investment-interest-says-gross-waddell