Couple falls in love with award-winning $2.06m mid-century home

An upgrading couple paid $2.06 million at auction on Saturday for a unique Burwood home that won an architectural award in the 1970s.

The five-bedroom residence at 45 Barnes Avenue sold under the hammer, exceeding the undisclosed reserve.

After a vendor bid of $1.75 million kick started the auction, three active bidders battled it out in $25,000 increments, then $10,000 increments, with the winning couple claiming the keys after a $5000 bid.

Selling agent Mark Pezzin, of Jellis Craig Balwyn, said the couple were upgrading from their first home and had fallen in love with the property’s original features and size.

“The mid-century architecture is unique for the area … and it’s got good floor accommodation too,” he said.

The home last sold in 2017 for $1,505,000.

It was one of 877 Melbourne homes scheduled for auction on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 65.2 per cent from 658 reported results, while 65 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Elsewhere, a rundown heritage cottage in Caulfield North sold for an eye-watering $1.46 million at auction on Saturday, smashing the $1.2 million reserve.

The four-bedroom home, built in the 1890s at 20 Kambrook Road, needs an estimated $500,000 makeover – but a pricey reno and some serious hard yakka didn’t deter two bidders from battling it out at the heated auction.

Selling agent Darren Lewenberg, from Kay & Burton, confessed he was blown away by the result, but said even an unrenovated home in the right location with the right price could fetch a top result.

“This home wasn’t without its challenges, and it needed a lot of work,” he said.

“But while people were saying this property needed about a half-million-dollar renovation, the buyers saw the value of taking this uncut gem.”

Bidding for the classic Victorian home, which last sold 40 years ago, kicked off with a $1.2 million bid, continuing in $10,000 and then $5000 increments.

Despite one half of the winning couple simultaneously bidding at another property at Richmond, the pair decided to battle it out for the old cottage as they believed it was a rare buy that oozed potential, Mr Lewenberg said.

Over at 100 Wilmoth Street, Thornbury, a sprawling three-bedroom, two-storey home sparked a bidding war between two first home buyers, with one couple forking out $1.287 million – $187,000 over the reserve.

“We had four genuine bidders and another three or four in the crowd who couldn’t get in as the auction was too fast,” said selling agent Robert Enes, of Nelson Alexander Northcote said.

“Bidding started at $950,000 and increased in $25,000 increments, until it went down to $1000 bids.”

For the winning couple, it ended a year-long hunt for a home.

“The sellers had this home for 16 years and it was actually their first home too,” Mr Enes said.

Further south at 36 Ronald Avenue, Frankston South, a young family reaped the benefits of a painstaking renovation and extension after their home collected $1.717 million.

The four-bedroom home – which last sold for $555,000 in 2014 – sits on a 960-square-metre block and features an eight-seater inbuilt spa, alongside a swag of luxury features.

Selling agent Ashley Weston, of Ray White Frankston, said two active bidders duelled it out. Bidding started at $1.5 million before moving in $50,000 increments until $1.65 million. Short and sharp bids of $25,000 and then $10,000 followed until both couples bowed out at the $1.7 million reserve. Quick discussions led to a couple from Aberfeldie paying another $17,000 to nab the home.

“They are retiring from their business and moving down to the coast where they have family,” Mr Weston said.

He said the sellers had spent years renovating for their own long-term benefit, but had ultimately decided to move to a property with more land.

“I think the market in general is picking up and we’re noticing sellers have more confidence to come to the market,” he said.

“That said, we are seeing investors selling off in our area – and these are mum-and-dad investors.

“Their costs are increasing, so they’re consolidating. This is good news for first home buyers but it’s a bit alarming if you’re looking at renting.”

AMP chief economist Shane Oliver said Melbourne’s property market remained soft, with home prices yet to rebound.

“Saturday’s 65 per cent clearance rate could drop to 62 per cent, and then we’re not much better than where we were a year ago,” he said.

“So, while there’s a supply shortfall, buyer sentiment is weaker and that may reflect the ongoing negative impacts of the pandemic which could be a factor weighing on clearance rates.

“Overall, the market is quite messy. Many buyers are aware that there is a shortage of supply and this made worse by tight rentals and the rebound of immigration. Then there’s FOMO,” he said.

“Against that, buyer capacity to pay is weakened by high interest rates and that’s impacting buyers.”