By Sarah Webb
In a blink-and-you’ll-miss-it moment, a Brighton townhouse sold for $3 million on Saturday when a single bid ended the auction just seconds after it started.
The single bid for 27A Oak Grove fell $350,000 over the reserve and left the auctioneer and six other potential bidders speechless.
The stylish three-bedroom, two-bathroom home was one of 627 auctions reported in Melbourne on Saturday. A total of 413 homes sold and 60 were withdrawn. The preliminary clearance rate was 65.9 per cent.
Belle Property Sandringham auctioneer and selling agent Ryan Castles said the Brighton home had a quoted price range of $2.49 million to $2.65 million and attracted strong interest throughout the campaign. Even still, the result was jaw-dropping.
“We had seven buyers out there, and we were expecting a fairly contested auction, but then I asked for an opening bid of $2.5 million and two buyers raised their hand,” he said.
“At the exact same time one said $2.5 million and the other said $3 million … the other bidder went back into their shell, and I looked down at my pencil and asked: ‘did that just happen’?
The winning bidder was fed up with house hunting. Credit: Belle Property
“In my whole time [in] real estate, I’ve never seen that … the buyer had missed out on a few other auctions recently and they just decided to just come in with a knockout punch.
“It’s the quickest auction I’ve ever had.“
The winners were a local couple looking to downsize.
He said the vendors bought the original block, 27 Oak Grove, in 2008 before transforming the aged home into two bespoke townhouses. The other townhouse sold in May last year for $3.1 million.
AMP Capital chief economist, Dr Shane Oliver, said the Melbourne market remained soft, and the weekend’s auction clearance rate could wind up at about 57 per cent — a figure he said would be below the year-on-year average.
“The auction clearances in Melbourne are averaging in the high 50s and early 60s right now but while it’s not great, it’s also not disastrous,” he said.“But listings are up on where they were a year ago too, which could be a sign of distressed selling and it’s quite clear that demand is not keeping up. High interest rates are clearly taking a toll.“
Oliver said clearance rates would likely remain soft.
At 5 Paschal St, Bentleigh, a charming four-bedroom brick home on a 613 square metre block sold for $1,701,500 after a young couple — bidding through their brother — muscled out a developer.
Jellis Craig selling agent Andrew Panagopoulos said the couple were living in a rental after selling their first home in December last year.
The home was marketed with a guide of $1.5 million to $1.6 million and had a reserve of $1.58 million.
Bidding started at $1.5 million, and four of the five bidders threw down large sums until the home reached the reserve and was called on the market.
“We then went down to $5000 bids and at the $1.65 million mark and the ultimate buyer waded in for the first time,” he said.
“It was actually their brother bidding for them as they were on holidays … and when it got to $1.69 million, we went down to $1000 bids and then a final $500 bid.“
He said the location and floor plan helped the home secure a top result while proving the market remained strong for quality stock.
Over in Carrum, it was an investor who came up trumps after a fierce flurry of bids led the Sydney punter to splash $1.52 million — almost $200,000 more than the reserve.
The two-storey 1960s brick home at 63 Whatley Street sits on a 1144 square metre block and was marketed with a price guide of $1.14 million to $1.25 million. The reserve was $1.35 million.
Ray White Patterson Lakes listing agent Genevieve Hill said the sheer size of the block inspired the investor to go the extra mile and snatch the keys away from the owner-occupier underbidder.
She said bidding started at $1.1 million and then quickly flew to $1.39 million, where it was called on the market.
“It took 38 minutes in total … and I was quite surprised at the level it got to. But obviously the land-size was big, and the location was great. The investor plans to rent it out for quite some time now.“
Hill said the vendor was a 90-year-old woman who had lived in the home for 28 years.