Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market
Wet conditions aren’t stopping buyers — five bidders competed for a Balaclava home which sold under the hammer on Saturday morning, while seven buyers went up for a Bundoora unit.
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Melbourne’s auction market was hot this weekend despite wet conditions, after the Real Estate Institute of Victoria predicted about 820 properties would go under the hammer.
A two-bedroom unit at 2/34 Linacre Drive, Bundoora, attracted seven bidders at its Saturday auction including first-home buyers and downsizers.
The vendors, a young family looking to upsize, scored a $50,000 bonus on the reserve after the property sold for $550,000 under the hammer.
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A first-home buyer currently living in a nearby suburb placed the winning offer at the competitive auction.
Ray White Mill Park auctioneer Daniel Nardella said buyers had loved the home’s new renovation including “quality finishes”, as well as its proximity to local shops.
“The property had been fully renovated so the presentation was faultless. The vendor is an interior designer,” Mr Nardella said.
“The location was elite as well with just a couple of minutes walk to all the amenities.”
It was first listed with a $420,000-$460,000 price guide.
19 MURUMBA DRIVE, OAKLEIGH SOUTH
Another property which sold under the hammer on Saturday was a four-bedroom abode in Oakleigh South which notched a $1.565m sale — $115,000 over its reserve price.
Eight bidders registered for the auction with four actively vying for the 19 Murumba Drive home, overseen by Ray White auctioneer Robert Cincotta.
Ray White Oakleigh agent Leigh Kelepouris said the winning bid was placed by a family who migrated from New Zealand and had been renting just around the corner.
“The sellers were a couple who bought the home a few years ago to downsize, but they ended up doing a major renovation to the property and are now moving to be closer to their family on the Peninsula,” Ms Kelepouris said.
“Today the market has been quite healthy with homes selling quite well.
“Homes that are renovated are selling exceptionally well, but homes that aren’t are a bit slower but still moving.”
25 GENOA AVE, RESERVOIR
Nearby in Reservoir, a two-bedroom townhouse that was popular among first-home buyers scored a $50,000 bonus after four buyers competed in wet conditions.
McGrath Ivanhoe auctioneer Alex Morgan said despite the rain, about 60 people rocked up to watch the auction, which was spread across two sheltered areas with half of the crowd “huddled in the garage” and the other half with umbrellas out the front of the property.
“It was raining continuously throughout the auction but it was a bit of fun, everyone had a good time,” Mr Morgan said. “I was running back and forth between the crowds.”
Bidding kicked off with a $580,000 offer and quickly reached the $600,000 reserve, before rising in $1000 and $2000 increments to $640,000.
It eventually sold for $650,000 to a first-home buyer who liked that the home didn’t come with any owner’s or body corporation fees.
“I think buyers are becoming very conscious of any outgoing (costs) and are trying to minimise ongoing, yearly fees,” Mr Morgan added.
The 25 Genoa Ave pad had a $550,000-$600,000 price tag ahead of the auction.
246 CLARKE ST, NORTHCOTE
Meanwhile, in Northcote, a three-bedroom home with a charming front porch sold for $1.225m, slightly below its reserve of $1.25m.
Two bidders went head to head for the 246 Clarke St property, but the auction was passed in with the stronger buyer making a deal with the vendor at the end.
The property’s price guide was between $1.2-$1.3m.
Jellis Craig Northcote agent Lewis Harry said the initial owner of the property was a family who had outgrown the home and were moving to Queensland, with a young professional couple looking to take over.
“There were two buyers and one ended up liking it more than the other,” Mr Harry said.
About 15 people attended the auction on Saturday morning, prevailing the wet weather, which Mr Lewis believed were mainly neighbours having a sticky beak.
The Northcote home has two outdoor entertaining areas, a well-equipped kitchen, bedrooms with built-in robes and a central bathroom with a clawfoot tub.
12 HAMMOND PL, ROXBURGH PARK
Despite being on the corner of a busy road, a four-bedroom home in Roxburgh Park sold for $852,500 which was well above its asking price on Saturday morning’s auction.
The on-the-market price for the 12 Hammond Place home was the same as what it sold for, and had a price guide between $780,000 to $830,000, selling for a premium.
Ray White Craigieburn agent Trish Orrico said the owner was rapt with the result.
“There were lots of tears of joy, from both the buyer and the vendor,” Ms Orrico said.
“The home itself presented beautifully, it was a much loved property but the owner was ready to move on.”
Ms Orrico said three young families competed for the 574sq m abode, which has a number of formal and informal living spaces, cosy fireplace and a large established garden.
22 BRUNNING ST, BALACLAVA
A top result was seen in Balaclava on Saturday morning when a “charming” two-bedroom house sold under the hammer for $1.447m.
The 22 Brunning St abode had been with its vendors for 28 years, who were now relocating to the Mornington Peninsula.
Five buyers competed for the stylish pad including three young couples and a downsizer, before two of the bidders went “toe to toe” towards the end.
AUCTION REPLAYS AND RESULTS
Offers started at $1.2m and went up to $1.32m, when Marshall White Bayside auctioneer Matthew Pillios called the property on the market.
It eventually sold to one of the couples, who were purchasing their second home and planned to live there for the next five or 10 years.
“Both the purchasers and the seller were stoked, it was really emotional,” Mr Pillios said.
The home was initially listed with a $1.275m-$1.295m price guide.
NEW RECORD FOR KEILOR EAST
A luxe, five-bedroom home sold for a mega $3.15m at the end of April to set a new residential price record in Keilor East.
An entertainer fit for a Hollywood star and packed with features, 33 Basalt Ave flew above its $2.9m-$3.1m asking price, selling to a family from Caroline Springs.
It came with a raft of high-end inclusions, such as an indoor pool, sauna, cinema room, home bar, an internal lift and a pizza oven.
Barry Plant Keilor East agent Walter Mahch helmed the record-breaking sale, who also sold the property at 42 Valley Lake Blvd that set the previous $2.98m benchmark in 2021.
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emily.holgate@news.com.au
Originally published as Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market
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