By Jim Malo
A Bentleigh house sold for $1.67 million on Saturday, after a spirited auction with a slow start.
The four-bedroom home at 3B Harding Street struggled to attract a bid at the start of the auction, Buxton listing agent Claude Mery said.
But eventually a buyer kicked the auction off at $1.5 million, below the bottom of the quoted price range of $1.53 million to $1.56 million.
Three parties took part and brought the price up to the reserve of $1.6 million.
The increments eventually slowed to $1000 and the house sold to the opening bidder.
“People loved the fact it had such a large rear open plan family area. It had a north-facing rear,” Mery said. “It had outdoor entertaining and a bit of garden space for kids.
“The family who bought it had a toddler so it was really appealing for them.”
The home had been an investment for the vendors, who bought it six years ago.
While house hunters were cautious, good properties were still drawing strong interest because of the lack of homes for sale, Mery said.
The large living areas were attractive to the buyers. Credit: Buxton
“I’ve been in real estate for nearly 25 years and I’ve never seen that uncertainty mixed with vibrancy. I’ve never seen a market like this,” he said. “You’re getting a lot of bidders and properties are selling, but the uncertainty is there.”
It was one of 700 Melbourne auctions scheduled for Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 72.2 per cent from 464 reported results, while 43 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Earlier in Williamstown, a historic home passed in on a vendor bid of $3 million despite genuine buyer interest.
The house at 12 Esplanade was built in 1858 for the captain of SS Great Britain, who at the time was being recognised for sailing the steam ship from England to Australia in 60 days.
“It’s one of the oldest houses on the Esplanade and one of the oldest in Melbourne,” Hockingstuart principal and auctioneer David Lawson said.
The home was listed with a price guide of $3.2 million to $3.5 million.
Buyers attended the auction, but none made offers, and the home was passed in on the vendor bid.
“A lot of buyers have said it’s bad timing, but houses like this don’t work with timing,” Lawson said. “There’s been six sales in the past five years along the Esplanade.”
The home needed updating and would be subject to heritage controls, Lawson said, but the large 868-square metre-block offered flexibility.
Lawson said one offer had been made on the property and two other parties were in negotiations with the vendor. It has been listed for sale at its reserve price of $3.25 million.
In Fitzroy North, a stylishly renovated terrace sold for $2,121,000 at auction, after hitting the reserve price on the second bid.
The tri-level, four-bedroom home at 28 Newry Street had been renovated twice and featured a sustainable and striking design, city skyline views and a sought-after location close to Brunswick Street.
“The layout itself offered so much versatility and plenty of accommodation, but also great areas for secondary living zones and entertaining,” Jellis Craig listing agent and auctioneer Charles Atkins said.
“The aspect on the northern side of the house is a great aspect across Fitzroy North. It’s a diamond of a location”
Bidding for the home began at the top of the quoted price range of $1.8 million to $1.85 million, and reached the $1.86 million reserve after one more bid.
Two buyers traded rapid $10,000 bids until the price approached $2 million and bidding slowed. A third and final bidder then joined the fray and fought off his competition with smaller increments.
An expecting couple made the winning bid, which was $261,000 more than the reserve price. Atkins said all interest had been from owner occupiers.
Charles Atkins auctions 28 Newry Street, Fitzroy North. Credit: Eddie Jim
“I’m not surprised [by the interest shown at auction] because of the interest that had built over the last four weeks and the conversations we’ve had with a couple of key buyers,” he said. “There hasn’t been too many 28 Newry Streets offered to the marketplace and I think that’s what drew great attention to it.”
Atkins said the home had sold well because Fitzroy North buyers were prepared to pay a premium to get into the area, particularly for turn-key, renovated properties.
In East Melbourne, an aged two-bedroom apartment with no internet connection sold in a short and sharp auction.
The home had been renovated twice in the past 10 years. Credit: Eddie Jim
The unit at 20/22 Agnes Street attracted three bidders, one of whom was unknown to Caine Real Estate agent and auctioneer Toby Campbell.
The apartment was located in East Melbourne’s tiny Jolimont pocket, and had been recarpeted and given a fresh coat of paint but could use further upgrades, Campbell said.
“It’ll need to have a full overhaul really, which the next people will do I’m sure,” he said. “It’ll need a new kitchen and ... modern updates.
“It’s got no heating, no cooling, no internet.”
Campbell listed the property with a price guide of $800,000 to $850,000. The auction began before he could finish asking for a first bid, when a buyers’ advocate quickly offered $820,000.
The home was on the market two bids later when the price reached $850,000, passing the $840,000 reserve.
Almost 20 bids later the apartment sold for $906,000.
Campbell said it sold to an owner-occupier with ties to the area.
East Melbourne had been largely unaffected by the market weakness caused by high interest rates, he said.
“We do not see any effects of interest rate rises because most people have sold to move here or most people consider these as discretionary purchases, where they are buying to be close to the MCG and close to the city,” Campbell said.
“So they’re not first home buyers, they’re not young families.”
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