property
Lilydale's Highest Monthly Sale Reaches $1.65 Million on River Road, Resetting Local Comparables
The River Road transaction is already influencing price expectations for similar homes in the same pocket.
How we reported this
A four-bedroom home at 28 River Road cleared at $1.65 million during the 4 July auction, the highest residential result recorded in Lilydale this month.
The sale stands out because it arrived amid a clearance rate of 71 percent for the first week of July, down from 78 percent in June. Agents say the figure reflects cautious buyer sentiment after several listings failed to meet reserve in the preceding fortnight.
Local Market Detail
The property sits three blocks from the Lilydale Community Gardens and one kilometre from the Lilydale Heritage Trust offices on Main Street. Both landmarks anchor buyer interest in the riverside pocket, where recent stock has been limited to three comparable homes since April.
Records from the Lilydale Property Board show the previous high in the same street reached $1.48 million in March. The new result adds $170,000 to that benchmark and has already prompted two vendors on adjacent blocks to lift their asking prices by 8 percent.
Data and Evidence
Domain data released yesterday listed the median Lilydale house price at $892,000, with River Road properties trading 12 percent above that median over the past 12 months. The 28 River Road sale carried a 12 percent clearance premium over its $1.47 million reserve, the largest over-ask margin seen at Lilydale auctions since February.
Buyers who inspected the home included three families relocating from the Parkview Gardens estate and one investor who had previously purchased at 19 Willow Court. Auctioneer notes recorded 28 registered bidders, the busiest crowd at any Lilydale auction this quarter.
Vendors planning to list in the next four weeks should review recent contracts at the Lilydale Auction House before setting reserves. Checking the updated comparable sales sheet from the Lilydale Property Board will help align expectations with the revised River Road benchmark.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.