Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market
Coarse language between two bidders going head to head at an auction in Melbourne’s northwest has spiced up todays auction action. See the result and many more from across the city.
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Auctiongoers were suprised to hear the f-word exchanged at a $1.16m Keilor auction this morning.
An enthusiastic buyer in Melbourne’s northwest used the colourful language during a bidding war for an original condition 1980s family home.
It comes as Melbourne families looking for their next step on the property ladder are being given little choice, with houses counting for only a fraction of the city’s homes for sales.
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PropTrack figures show 818 homes revving up for auction today, but just 484 are stand-alone homes best suited to couples with children..
But the hundreds of apartments, units and townhouses making up the balance are now in oversupply in certain areas, according to some agents.
This week’s auction numbers reflect a new report from InfoTrack that reveals more than one in 10 prospective buyers across the country are finding it difficult to secure their next home.
The real estate technology firm’s Australian head of property Lee Bailie said about 14 per cent of buyers struggled to find a home to move into, while 21 per cent were concerned about property prices.
“Family households with children were the most likely to be impacted by the ability to afford a property,” Mr Bailie said.
In Melbourne’s northwest, half a dozen bidders vied for a family home at 40 Hartley Cres, Greenvale.
The charming property had attracted about 130 prospective buyers in the three weeks before its auction, with Ray White Gladstone Park director Phil Mercieca expecting a big turn out on the day.
What he wasn’t expecting was for the home to sell $181,500 above its reserve with six parties contesting it.
The auction started with a $930,000 opening offer, six figures below the property’s $1.05m-$1.15m asking price. It was called on the market at $1.15m, but only sold once the price had soared to $181,500.
Mr Mercieca said it was an exceptional result and reflected the high demand for homes that families could just move straight into in the area.
The four-bedroom house is set on an 810sq m allotment with public transport nearby and a range of local amenities boosting the appeal for buyers.
AUCTION REPLAYS AND RESULTS
WATSONIA UNIT PASSES IN FOR $350,000
A two-bedroom, one-bathroom unit at 1/47 Morwell Ave Watsonia, has passed in for a vendor bid of $350,000.
The units $360,000-$390,000 asking price garnered some interest, with one buyer expected to bid but didn’t.
Ray White Macleod’s Kaylah Guerra said the unit was a perfect investment, but with a lack of investors around was likely to go to a first homebuyer.
“We have one buyer seriously interested in the home if their finance gets approved, so I’m hoping for a good result,” Ms Guerra said.
HIGHLY SOUGHT AFTER HILLSIDE HOME SELLS FOR JUST SHY OF $1M
A four-bedroom, two-bathroom home at 7 Langmore Dve, Hillside, has sold under the hammer for $970,000 with an opening bid of $850,000.
The prestigious home located in the highly sought after Banchory Grove Estate saw several bidders going head to head for the keys.
The move in ready home contains gas ducted heating, split system heating/cooling, open wood fire place, evaporative cooling, dishwasher, CCTV, alarm, garden shed, auto doors and water tanks.
The home was listed by Barry Plant Taylors Lakes’ Sash Mitrevski.
BIDDING WAR SPARKS F-WORD IN KEILOR
A four-bedroom, three-bathroom large family home at 12 Augustines Way, Keilor, has sold under the hammer for $1.16m with an opening bid of $1m
The home was called on the market at $1.09m.
Boasting high ceilings and panoramic views the home remains mostly untouched in its original condition from when it was built in 1980.
Two bidders went head to head in the later part of the auction.
One exclaimed “We’re going to f-ing hate each other after this”.
Barry Plant Taylors Lakes’ Andrew Koulaouzos said the home had plenty of scope for buyers to add their own flavour.
BEAUMARIS TOWNHOUSE SELLS FOR $1.24M DESPITE SLOW START
A three-bedroom, two-bathroom townhouse at 2/35 Alfred St, Beaumaris, sold under the hammer for $1.24m.
Only a few offers were made after the auction opened with a $1.2m bid.
The auction was paused for several minutes at a bid of $1.24m with negotiations taking place between the vendor and highest bidder.
Upon returning to the auction, it was revealed the $1.24m offer was accepted by the owner and scored keys to the home
The Beaumaris property was advertised with a $1.2m-$1.3m price guide.
VERMONT TOWNHOUSE PASSES IN, DESPITE STRONG INTEREST
A four-bedroom, two-bathroom townhouse at 4 Arlington Walk, Vermont, has passed in for $963,000 with negotiations taking place with a local family.
The auction opened with a $940,000 bid.
A bidding war took place between a party on the phone and the family who eventually made the highest offer.
Negotiations are now taking place.
McGrath Box Hill’s Ripple Wu is heading up the Vermont property’s campaign.
MENTONE AUCTION FALLS FLAT
A three-bedroom, two-bathroom townhouse at 18 Abrahams Drive, Mentone, has passed in with a vendor bid of $970,000.
The seven minute auction was silent with no buyers putting their hands up to bid.
The home has a price guide of $910,000-$999,000.
Ray White Cheltenham’s Trevor Bowen is heading up the campaign for the home.
SHOCK DATA REVEALS FAMILIES STRUGGLE TO AFFORD HOMES
Real estate technology firm InfoTrack’s Australian head of property Lee Bailie said about 14 per cent of buyers struggled to find a home to move into, while 21 per cent were concerned about property prices.
“Family households with children were the most likely to be impacted by the ability to afford a property,” Mr Bailie said.
“Interestingly, only two-thirds of respondents were concerned about interest rates and surprisingly only 40 per cent of first home buyers.
“In the rush to snap up available homes, more buyers seem to be compromising on important property checks in favour of putting in a speedy offer (with) not even half of all respondents having a pest inspection carried out.”
The report, compiled with survey responses from 130,000 people, also revealed 72 per cent of Victorians didn’t buy or sell their property for the price they initially expected, with a quarter of that number finding prices the most challenging.
Hoppers Crossing, Tarneit, Truganina and Werribee drew the most respondents from Victorians living in suburbs, where values for houses have grown recently.
First home buyers Hollia Lam and her partner David Zang spent three years saving for a family home only to find it “extremely challenging” to buy one, amid a shortfall in choices for buyers.
“We went to many auctions – we went into the auction process inexperienced and realised we needed to have a figure in our minds to bid strongly,” Ms Lam said.
“We recently purchased in Watsonia and will benefit from the new North East Link freeway and the property value will go up.”
Ray White Macleod senior sales executive Brett Schembri said the Melbourne market was an interest rate rise away from a surge in for sale signs, which could give families more choice.
“Buyers and vendors want stability; there is too much uncertainty, so they’re feeling right on the edge,” Mr Schembri said.
“And there is (already) an oversupply of townhouse and unit properties on the market due to investors selling up.”
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Originally published as Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market
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