Real Estate auction blog: Albert Park house sells after passing in on a $5.65m bid

A renovated, five-bedroom inner Melbourne house featuring an outdoor pool and built-in barbecue, which passed in on a $5.65m bid, sold shortly after the auction.

93 Richardson St, Albert Park, passed in during Saturday’s auction but sold afterwards.

An Albert Park house has sold after being passed in on a $5.65m bid on Saturday.

In addition, the owners of a house in Melbourne’s north have more than doubled the figure they spent buying their home 18 years ago.

Tune into the Herald Sun’s auction blog and watch back auctions at Gavl.com.au to keep up with the latest results.

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PropTrack was expecting 1517 Greater Melbourne homes to be auctioned this week and 45 regional Victorian dwellings, following a 58 per cent clearance rate from 521 auction results last week.

AUCTION REPLAYS AND RESULTS

Sold By Auctions director Andy Reid said he was seeing increasing numbers of buyers who were reluctant to bid during auctions but keen to snap up a home afterwards.

“There is a lot of indecision in the market right now, but that indecision is costing money on both sides of the deal,” he said.

“For buyers, even though colloquially a dropping clearance rate means a weaker market, the rising volume of offers coming in immediately after a pass-in is putting buyers at a serious disadvantage.”

93 RICHARDSON ST, ALBERT PARK

The renovation won plenty of fans.

A family has won the keys to a five-bedroom house in Melbourne’s inner suburbs.

The five-bedroom home at 93 Richardson St, Albert Park, had three bidders competing to secure it.

However, a $5.65m bid became the last offer before the property was passed in.

Marshall White Port Phillip director Nicholas Hoo said the abode sold afterwards, for an undisclosed price, following negotiations.

He said the family who bought were “thrilled” with the house’s five bedrooms, double garage and recent renovation.

“People are not wanting to renovate at the moment, because it’s so expensive,” Mr Hoo said.

“So renovated properties are selling really well.”

Set on a corner block, the house features high ceilings, an arched central hall and sitting room with an open fireplace.

The garden includes an heated in-ground pool and entertaining area with an in-built barbecue.

7 PENDLE CLOSE, GLADSTONE PARK

The buyers on right and vendors on left, with Ray White’s Phil Mercieca.

Five bidders competed for the keys to a brick veneer house in Gladstone Park.

The four-bedroom residence at 7 Pendle Close, near Tullamarine, attracted a crowd of about 60 people at the auction.

Ray White Gladstone Park’s Phil Mercieca sold the house to the owners back in 2006 for $300,000, according to CoreLogic records.

The home was listed with a $670,000-$710,000 asking range, this time around.

“In the end it was a beautiful first-home buyer couple who won the keys, and my sellers are so happy,” Mr Mercieca said.

“I sold it to them as first home buyers 18 years ago, and now they have moved to Greenvale.” The home fetched $759,000 under the hammer.

128 POLARIS DRIVE, DONCASTER EAST

Located in the Milgate Estate, the house is in the East Doncaster Secondary School zone.

A marathon auction lasting almost an hour led to a Doncaster East house selling.

Three bidders vied for the four-bedroom home at 128 Polaris Drive featuring a formal sitting room, updated kitchen, study and home office, separate laundry and powder room.

Listed with a $1.8m-$.9m asking range, the house was placed on the market on a $1.81m bid.

As the auctioneer was touting more bids, a dog barked at the exact right time to make an offer, which prompted laughter in the crowd watching on.

Towards the end of the auction, a long series of $1000 and $2000 offers saw the abode eventually sell for $1.892m.

Barry Plant’s Todd Lucas and Mary Tynan had the listing.

7 DEMPSEY COURT, EPPING

The kitchen has stainless-steel 900m appliances, a dual freestanding oven and stone benchtops.

A four-bedroom house at 7 Dempsey Court, Epping, sold under the hammer in what is likely to be one of the weekend’s fastest auctions.

Bidding began with a $650,000 offer, after the property was listed with a $630,000-$695,000 asking range.

Barry Plant North Eastern Group’s Con Kara placed the home on the market at the $710,000-$715,000 mark, although bids were coming in so quickly he barely had time to get the words out.

A first-home buyer snapped up the house for $760,000 in the auction which lasted just 3.5 minutes from start to finish.

Mr Kara said the purchaser was "extremely excited” and that well-presented houses “just go” at auction.

An outdoor spa and undercover entertaining area are among the abode’s features.

19 WOODLAND DRIVE, CHELTENHAM

The townhouse has three bedrooms and two bathrooms.

A recently-renovated townhouse in Melbourne’s southeast has fetched $837,000.

The double-storey home at 19 Woodland Drive, Cheltenham, was advertised with a $740,000-$790,000 price range.

Multiple bidders competed for the keys with Ray White Cheltenham’s Angela Limanis encouraging buyers to throw in another $500 offer towards the auctions’s end.

“How about one more and I stop talking to you?” she asked one buyer, who drew a laugh from the crowd of onlookers when he responded: “I doubt that.”

But Ms Limanis was successful in drawing further bids and the townhouse sold soon afterwards.

The home includes a stone-fitted kitchen, new bathrooms, in-floor heating, low-energy LED lighting and a separate laundry.

3/3 MARSHALL AVE, CHELTENHAM

The unit is set on a 169sq m block.

A two-bedroom unit at 3/3 Marshall Ave, Clayton, also sold.

Bidding began at $500,000, quite a ways below the $600,000-$660,000 asking price.

It rose in increments of $20,000 before the offers lowered to amounts ranging from $1000-$7000.

The home was announced on the market at $680,000 and ending up fetching $727,000.

Ray White’s Michael Renzella and Lida Khem had the listing.

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Originally published as Real Estate auction blog: Albert Park house sells after passing in on a $5.65m bid