Investors continue to take advantage of low interest rates, and are snapping up investment properties in Melbourne’s South East that have potential for higher and better uses. This was shown with the recent sale of 71-77 Miles Grove, which contains four industrial units on the one title, selling under the hammer for $955,000. In front of a crowd of approximately 30 people, four bidders made a total of 26 bids, pushing the final price more than $100,000 above reserve. It was eventually purchased by an investor. The property was marketed by James Dodge and Michael Crowder of Nichols Crowder.

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