Herald Sun Real Estate auction blog: Livestreams and rolling updates from the auction market
Mortgage brokers have predicted a boom in buyer numbers, and it seemed they were on the money with huge results under the hammer from Seaholme to Brunswick. See video replays here.
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
A Seaholme house sold under the hammer for $100,000 more than expected after a ritzy renovation has joined a significant list of high priced sales across Melbourne and beyond.
It followed the sale of a Brunswick townhouse that shot $200,000 past expectations and came so close to $1m that the stamp duty payment will turn it into a seven-figure purchase.
Meanwhile, a Blackburn South house also sold $200,000 above its asking price among the first auctions of winter.
RELATED: Victorian suburbs owners never want to leave turning them into millionaires
Mt Waverley: Ash Barty coach Craig Tyzzer and wife Sue’s house one to love
Elwood: Three-level penthouse home boasts private rooftop with party pavilion
The big results come after leading loan broker firm Mortgage Choice research released this week hinted there could be a rush of buyers coming into the market before the end of 2024.
The same report also showed Victorian mortgages have been growing the slowest in the country at a time when homeowners are ditching concerts and holidays or even getting second jobs to keep their mortgage paid.
While many sellers would have been hoping for a strong result today, Mortgage Choice’s loan brokers reported an only about $34,000 (5.9 per cent) increase in Victoria’s now $614,557 typical mortgage size across the past year.
The smallest increase in percentage terms around Australia.
Despite loan sizes growing the Mortgage Choice Home Loan Report, which surveyed 1000 Australians, found 70 per cent of those considering buying a home felt positive about an upcoming purchase.
In May 2023 that figure was just 59 per cent.
The survey also found 57 per cent of those planning a home purchase had already delayed that plan, a sign there is extensive pent-up demand among prospective buyers.
Among those struggling with their existing mortgage, Mortgage Choice’s figures show close to half have found a way to cope by ditching going to the movies or seeing their favourite band, and more than a third have delayed or cancelled a holiday.
AUCTION REPLAYS AND RESULTS
The report found 30 per cent have canned subscription services like Netflix, while almost one in five has had to take on additional work or a side hustle to keep up.
Around 7 per cent of the more than 1000 Australians surveyed had asked their family for money.
Mortgage Choice chief executive Anthony Waldron said the firm’s more than 1000 brokers nationwide were reporting a “sense of cautious optimism”.
“Paired with the continuing momentum we’re seeing for new purchase loans; we anticipate stronger demand in the months ahead,” Mr Waldron said.
And there were signs of it at auctions across Melbourne today.
37 NOORDENNE AVE, SEAHOLME
A strikingly renovated Seaholme house has sold $100,000 beyond expectations after a five-bidder battle kicked off.
The 37 Noordenne Ave address had been heavily updated and reimagined, though still held many the hallmarks of its past.
Ray White auctioneer Richard Aniel put the home under the hammer and quickly had the home at its $1.13m reserve.
But the buyers weren’t done and it didn’t sell until $1.23m.
“The buyers were a young couple wanting to get closer to the water, moving over from Kensington and wanted to be close to the dog beach,” Mr Aniel said.
Most of the underbidders were the same, young families seeking a lifestyle location.
The sellers meanwhile have gone for an even more pronounced lifestyle move, relocating to the Mornington Peninsula and thrilled with the result paid for their renovation efforts.
“The market is a bit up and down, you have to help buyers with a different strategy on how they can buy, and have to get creative,” Mr Aniel said.
4 AILSA ST, ASCOT VALE
Nelson Alexander Ascot Vale’s Jayson Watts had five buyers who made repeat trips to see a 4 Ailsa St, Ascot Vale, before it went under the hammer at 12.30pm.
And while the home clearly ticked the box for a number of prospective bidders, there wasn’t quite enough demand to drive a sale under the hammer as only two bidders made a move.
The home initially passed in at $2.035m, within its $1.95m-$2.1m price guide, before post-auction negotiations secured a sale at $2.075m just minutes afterwards.
The four-bedroom house has a pool out the back, and has been renovated.
9 HUTCHESON AVE, HIGHTON
In the Geelong suburb of Highton, homebuyers seem to have gotten over their phobia of buying a fixer upper.
Four bidders put their hands up for 9 Hutcheson Ave and drove the sale $70,000 beyond expectations, despite the home’s need for a few updates.
A $650,000 opening offer was enough to get buyers active, though sat at the bottom of the property’s $650,000-$700,000 price guide.
The four-bedroom house was on the market at $715,000, and bidding kept on until $785,000.
Hayeswinckle’s Ray Rounds handled the listing and said with the home advertised as a chance to be refurbished into a dream residence, buyers had all been aware there was work to be done.
And that was fine in the minds of first-home buyer couple, despite their plans for a wedding in October.
“They plan to do it up as a family home,” Mr Rounds said.
The pair bested two other young couples and a pair of downsizers in a result that was just $35,000 short of what a similar home with a full renovation sold for a few weeks ago.
“People want to renovate and add value again,” he said.
“New homes are also selling really well, but we are seeing more success with the older ones now, too. Whereas last year, no one wanted the old ones.”
2A GOODWIN ST, BLACKBURN
Australia’s best auctioneer was running the show for this Blackburn listing that shot $110,000 past expectations.
And while Woodards’ Luke Banitsiotis had to fire things up with a $1.15m vendor bid, the training that helped make him the Real Estate Institute of Australia’s auction champ last month eventually got buyers bidding.
The 2A Goodwin St house had been listed with a $1.15m-$1.25m asking price, so it was already in the range when the first live bid emerged at $1.16m.
With multiple bidders quickly active, Mr Banitsiotis called the home on the market at $1.28m.
While offers then dropped to predominantly $5000 increments, then slid to $1000 margins.
When the bidding stopped the price had reached $1.36m.
9 CRESTWOOD AVE, MACLEOD
At least three bidders were willing to have a crack at this striking four-bedroom Macleod residence.
Barry Plant auctioneer Michael Egan didn’t have to work overly hard to get them fired up, either, with bidding quickly into the home’s $1.68m-$1.78m range.
With offers coming in quickly the 9 Crestwood Ave home was at $1.84m before it could be called on the market.
And the bids continued, with Mr Egan eventually ending the sale at $1.904m.
The property was described as an “executive residence” and featured a pool in the back yard, a blend of indoor-outdoor living and manicured garden surrounds.
24 OLD RESERVOIR RD, BELGRAVE
Noel Jones’ Connor Pinnington asked his vendor to have a little faith in Melbourne’s auction market, despite the method being rare around the Dandenong Ranges.
With the home sold $49,000 above its reserve and three bidders competing, it proved a canny decision.
“People say auctions on the hill don’t work, but this is proof that it can,” Mr Pinnington said.
The three-bedroom house at 24 Old Reservoir Rd had been listed with a $650,000-$715,000 asking price, and despite a $600,000 low-ball first offer quickly reached its $700,000 reserve price.
So quickly, Mr Pinnington said it couldn’t be called on the market until $710,000 as bidding kept on.
And while one of the three bidders quit at that point, the auction didn’t and a $749,000 sale price was eventually secured.
Mr Pinnington said the keys went to a first-home buyer couple.
14 LUCKINS RD, BENTLEIGH
Hodges’ Jeff Cowan had this three-bedroom Bentleigh house listed with $1.4m-$1.5m hopes in the lead up to its auction.
While the guide was genuine, and the home was called on the market at $1.45m right in the middle of it, there were multiple bidders in play and none wanted to back down.
The figure quickly worked past $1.5m. Then past $1.55m
By the time the hammer came down at $1.6m, the 14 Luckins Rd home was $100,000 past the guide and $150,000 beyond the reserve.
18 EVA BUHLERT CLOSE, BRUNSWICK
Ray White agent Matthew Schroeder said there were “10 bidders locked in” for a two-bedroom Brunswick auction this morning.
And by the time auctioneer Jamil Allouche lowered the hammer the price for 18 Eva Buhlert Close, Brunswick, was almost $200,000 above the pre-auction sale guide — and just $20,000 short of seven figures.
With stamp duty, the buyer will spend more than $1m on the home — showing how little the once impressive sum can now buy in Melbourne.
A $700,000 opening bid gave way to $10,000 rises through to $750,000, before a $40,000 knock out attempt took the home to the top of the $720,000-$790,000 price guide.
It took nine more rapid-fire bids for the home to be called on the market, and when it was there was almost an apology from Mr Allouche.
“Did I tell you it’s on the market? It’s been on the market for a while.”
That just seemed to push the buyers harder and the home soared to a $980,000 result.
The semi-detached home with no owners corporation fees’ had the eyes of some buyers due to its $720,000-$790,000 asking price, but location proved the bigger drawcard.
66 KITCHENER ST, BOX HILL SOUTH
Jellis Craig’s Daniel Bullen had 66 Kitchener St, Box Hill South, listed with a $1.45m-$1.55m asking price.
Buyers clearly disagreed, with rapid bidding bringing it to $1.67m where it was called on the market, and not stopping until it had sold for $1.78m.
The sum was more than $100,000 above the point it was on the market, and more than $200,000 beyond the top of the price guide.
The four-bedroom house brick double-storey home is in the zone for Box Hill High and just 500m from Roberts McCubbin Primary School.
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: International buyers fly in to see $75m+ Toorak mansion pursuing price record
South Yarra: Olympic sailor Carrie Smith, partner Lachlan Richards list stylish reno
Toorak: Realisation Par chief exec, designer Teale Talbot looking to sell in Toorak
Originally published as Herald Sun Real Estate auction blog: Livestreams and rolling updates from the auction market
Three key Melb regions to get 800 affordable homes
In an attempt to speed up the race to build 800,0000 new homes over the next decade, three Melbourne locations are set to gain more than 800 new social, affordable and rental homes.
‘Survival mode’: 20k-plus Qld families forced to sell homes
Queensland is “the worst in the country” for distress listings with more than 20,000 families forced into selling up.