An architect beat a builder in battle to salvage a deceased estate in East Brunswick at auction on Saturday, paying $ 1.75 million for the block.
The house at 9 Leinster Grove stole $ 200,000 over its reserve in a moving sale that ended a two-year search for buyers, who hope to restore it to its former glory.
It was one of 484 auctions scheduled for Melbourne on Saturday.
That evening, Domain Group recorded a preliminary clearance rate of 73.5% out of 392 published results, while 61 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
9 Leinster Grove, Brunswick East VIC 3057
The bidding for the three-bedroom heritage overlay house started at $ 1.5 million, in the guided price range of $ 1.45 million to $ 1,595,000.
Two sides fought each other, with daring hikes of up to $ 50,000, which quickly pushed the price up to $ 1.75 million.
“I didn’t really control the auctions,” said Mitchell Boys, listing agent for Jellis Craig Brunswick. “This house has belonged to one family for 90 years.
“There aren’t many 600 square meter blocks in Brunswick across from a park.”
The owners’ grandchildren were selling the house in what Mr. Boys described as a “pretty emotional” sale.
It was also crucial for the buyers, who had been looking for a family home for two years.
“The woman, when they bought it, broke down in tears,” Mr. Boys said. “They were relieved.
He said the market as a whole had risen since the end of Melbourne’s strict Fourth Stage foreclosure amid extremely low interest rates.
“It was almost a given because of the cost of the money,” he said. “The market is going to be very strong for a while, regardless of the state of the economy.”
In Forest Hill, another deceased estate with the possibility of renovation sold under the hammer for $ 1.01 million.
The three-bedroom house at 5 Felicia Grove drew three on-site bidders and one online bidder in a hybrid auction, with Melbourne’s COVID-19 restrictions still only allowing 10 auction participants.
5 Felicia Grove, Forest Hill VIC 3131
A price guide of $ 920,000 to $ 1,012,000 was given and proceedings started at $ 900,000.
The price quickly rose to $ 980,000 before a break, and the house was listed on the market. The bidders then made a final push to secure the house, driving the price up in increments of $ 1,000 and $ 2,000 to $ 1.01 million.
The buyer, who is doing the modernization, plans to build a new building at the back, said Ray White Blackburn manager Peter Schenck.
“Every auction that we have made, the last six auctions, we have cleared them – we have several bidders,” Mr. Schenck said.
First-time homebuyers were out in force, he added, but now he’s starting to see investors.
“It tells me the market is going up.”
Elsewhere, a stunning Flemington home fetched $ 1.65 million at auction after four bidders listed.
A professional single woman beat two young couples and a downsizer for the three-bedroom house at 20 Dartford Street, pushing the $ 100,000 price tag above the reservation.
20 Dartford Street, Flemington VIC 3031
2 Thermal baths–
One of the vendors is from Techne Architects, said Jayson Watts of Nelson Alexander Flemington, explaining the remarkable renovated living space behind the period facade.
He has recently seen motivated shoppers in the market as Christmas approaches.
“He [the market] started off a bit slowly and irregularly after the lockdown, but over the past three weeks it has picked up, ”he said. “Good quality houses sell.”
Another renovated family home generated such interest that its auction was brought forward a day.
The five-bedroom home at 8 Kennedy Street in Fairfield received an early offer, resulting in a two-party sale on Friday.
8 Kennedy Street, Fairfield VIC 3078
It sold for $ 3.07 million in a quick auction, shattering its reserve of $ 2.7 million, after being listed with Sam Rigopoulos and Paula Beavis of Jellis Craig Northcote.
“Fairfield has a pretty tight fit and upscale houses like this don’t come around often,” Ms. Beavis said.
“Everyone’s been stuck at home for so long and they’re going, ‘do I want to live in this space?'”
In Strathmore, a family home owned for 25 years sold for $ 1,237,500 after two bidders quarreled.
The three-bedroom house at 24 Roslyn Street was listed with a $ 1.1 million to $ 1.2 million guidebook and has generated interest in its school zone and the large size of its block.
24 Roslyn Street, Strathmore VIC 3041
Nelson Alexander Essendon’s listing agent John Matthews sold three of his four auctions on Saturday and was in negotiations for the fourth at the time of writing.
“The prices are lower than they were at the top of the market,” he said. “But the interest rates are lower [now] than they were then.