By Jim Malo
A family home in Coburg has attracted strong competition at auction on Saturday, selling for $1.86 million.
The three-bedroom house at 51 Darlington Grove had a large living area in the rear of the home, an upstairs rumpus room, and came with plans to convert the upstairs area into another bedroom.
Nelson Alexander listing agent Monique Verga said the home’s potential had been attractive to buyers. She listed it with a price range of $1.65 million to $1.75 million.
“Some buyers didn’t need [to renovate] immediately, but it opens up options,” Verga said.
The auction began on a vendor bid at the bottom of the range. Verga said two bidders took part, and stuck to relatively large $20,000 increments through much of the auction.
“There were a couple of bids of $30,000, but it basically stayed in $20,000s until it sold,” she said. “It was funny because the auctioneer suggested breaking it down towards the end of the auction… but they had obviously hit their limit.”
The potential to renovate 51 Darlington Street was popular with buyers. Credit: Chris Hopkins
Verga did not disclose the reserve, but the sale price was $110,000 more than the top of the range.
She said the home sold to an owner-occupier, and the underbidders were also looking to live in the home.
Family homes on the outskirts of the inner north were doing well at auction, Verga said.
“We’ve seen really strong competition for the renovated, drop-your-bags family homes,” she said. “You see it everywhere. Inspection numbers have jumped up in the last three to four weeks.
Peter Forcone auctions the Coburg property. Credit: Chris Hopkins
“We’re back to seeing 30-plus groups at opens.”
It was one of 860 auctions listed for Saturday. By evening, Domain Group recorded a preliminary clearance rate of 63.2 per cent based on 634 results; 76 auctions were withdrawn.
In East Melbourne, a unit sold at auction for the first time since it was built about 80 years ago.
The two-bedroom apartment at 3/66 George Street was last on the market in 1996, when the whole block sold to the father of the vendor, who paid $510,000, said Peter Hannon of Caine Real Estate.
“I think the [previous] owner still felt like he paid a lot of money for it, but in hindsight he did alright,” he said.
Hannon listed the home with a price range of $850,000 to $935,000. He said the auction began with a vendor bid at the bottom of the range.
“There was a bit of hesitation to get underway, but it picked up once we got going,” he said.
Two bidders competed for the unit, and it sold to buyers who live in Lower Plenty for $956,000, Hannon said. He would not disclose the reserve.
“[They were] looking for a city base, a place to call home when they come into the city for business or leisure.”
In South Yarra, a large four-bedroom home with a study passed in at $3.5 million with no bids.
Jellis Craig listing agent Nathan Waterson priced the home with a quoted range of $3.5 million to $3.85 million. The double-fronted house had been architecturally renovated, and featured a clean, modern style with wood accents and cabinetry throughout.
“It offers great family accommodation near great schooling,” he said. “I think it represents terrific value for somebody, we just didn’t get there today.”
The auction ended after one vendor bid was placed, but Waterson said he was already dealing with a potential buyer. He said the home was one of the more expensive properties in the area, and purchasers at that level tended to be price-sensitive.
“We had a couple of buyers. One elected to purchase a property in South Melbourne, but we’re dealing with another party now,” he said. “That end of the market is always more difficult to move, but when properties are priced well you attract buyers.”
The home is now listed for sale with a single price of $3.65 million. Waterson said some potential buyers may have overestimated the vendor’s expectations.
“Quite often people think it will go beyond the end of the price range, but we priced it sensibly within,” he said.