Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market
Ex-AFL goal kicking stalwart Nathan Thompson was left holding the keys for his historic Kyneton home after buyers sat on the fence. But other homes have soared six-figures past expectations.
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Ex-Hawthorn and North Melbourne footballer Nathan Thompson has been left holding the keys to his Kyneton home after it passed in at auction today.
But with buyers in talks for the historic address at present his agent is hoping for a slick disposal after the siren.
And with auctions setting six-figure premiums across Melbourne, his confidence seems well placed.
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Auctions in Coburg and Kingsville have sold about $160,000 above reserve as Melbourne’s auction market fires up in the final weekend of school holidays.
The strong results have emerged from a pack of more than 940 vendors vying for a result under the hammer across Victoria this week — about 200 more than the same time a year ago.
PropTrack data shows today’s busy pace will extend further into autumn and for the foreseeable future, with more than 1000 homes scheduled to go under the hammer next week.
Despite elevated numbers of sellers in the market, PropTrack economist Anne Flaherty said a 65 per cent clearance rate last weekend showed a healthy balance between buyers and sellers despite an “unusually busy” autumn.
AUCTION REPLAYS AND RESULTS
Ms Flaherty noted that there were two keys to the ongoing success of Victoria’s auction market: Melbourne’s population growth off the back of migration and a tightening rental market driving some tenants to look for a way to buy their way out of the housing crisis.
“There’s so many more people in Australia right now that it will have to drive activity,” she said.
So far the demand from buyers has been matched by sellers, with the number of auctions about 28 per cent up from a year ago.
“I think a lot of people were holding off last year and that is catching up this year,” Ms Flaherty said.
THOMPSON LEFT ON THE MARK(ET)
Nathan Thompson was the Hawks’ leading goal scorer in 2003 and 2004, and after a transfer became the Kangaroo’s leading goal kicker in 2005 and 2006.
He was also an AFL Rising Star nominee in 1999.
But he’s still hoping to kick a home sales goal after his 10 Latrobe St home passed in at auction this morning.
Thompson’s picturesque Kyneton home on a 3764sq m address known as Rosemount, about 90km north west of Melbourne’s CBD, dates back to 1890 when it was a farmhouse on the outskirts of the country town.
But while the historic, five-bedroom renovated abode passed in on a $1.45m vendor bid, Jellis Craig’s Tom May said they were currently dealing with a number of buyers who had attended but opted to “sit on the fence” during the auction.
Mr May added that there was also still a chance for those who hadn’t made it to the auction to get in touch.
The home has a $1.55m-$1.65m asking price.
49 LARDNER RD, FRANKSTON
One of the more unusual properties to go under the hammer this week was a seven-unit complex in Frankston, backing onto Monash University’s campus in the area.
Listed by Barry Plant’s Thomas Larkin with a $1.7m-$1.85m asking price, the unusual offering at 49 Lardner Rd had the eye of four bidders as it went under the hammer today.
A $1.7m opening bid quickly grew to $1.79m, when the home was called on the market.
But bidding dropped to $1000 increments from about $1.95m, leaving Larkin to describe the almost 40-minute sale as “draining” — despite the price surging to $2.115m.
As the hammer fell, the property was $325,000 above its reserve, and the new owner has no immediate plans.
Mr Larkin’s understanding is that they will hold onto the homes for a while and consider developing it at a later stage.
4 COOLAC ST, CHADSTONE
It took a determined auctioneer to get this three-bedroom house in Melbourne’s south east sold under the hammer.
Ray White’s Daniel Hewitt had an opening offer at $945,000 — just below the 4 Coolac St, Chadstone, home’s $955,000-$1,050,500 price guide.
A slow auction followed, with the vendor of 4 Coolac St, Chadstone, being called on the phone multiple times during pauses in the sale to confirm if the home was on the market.
By the time the home had reached $1.115m and the owner gave the sale the green light, multiple buyers had asked if it was on the market yet.
And despite an about half-hour slog to get to that point, the home sold two bids later at $1.12m.
23 QUARRY RD, MITCHAM
McGrath’s Elliot Kyriakou had this three-bedroom house listed for sale at $900,000-$970,000.
And bidding got off to a good start, with multiple parties driving the figure to $1.02m when the 23 Quarry Rd, Mitcham, home was called on the market.
The bids continued until $1.054m when a neighbour, who had been trying to get their car out of their driveway for a few minutes finally made their move.
The auctioneer managed to manoeuvre himself out of the way at the last moment and both the neighbour and the auction continued on their way.
In the end, the hammer came down on a $1,072,500 sale.
38 HIGINBOTHAM ST, COBURG
Ray White auctioneer Jamil Allouche called the crowd out for being shy as he got a silent reception while starting the auction of this three-bedroom Coburg home.
Even after that, he still had to kick things off with a $1m vendor bid for the 38 Higinbotham St home.
And that was enough to get the bidders over being shy, with a $1.01m live offer following shortly after.
A series of buyers made moves following and the home was quickly on the market at $1.16m.
But the bidders weren’t done and the figure continued to grow, with the hammer not coming down until almost $100,000 more had been added to the price.
The 370sq m home sold for $1.256m, well above its $1m-$1.1m asking price.
10 CHATFIELD ST, KINGSVILLE
A Kingsville auction has soared more than $160,000 past its reserve.
The three-bedroom house at 10 Chatfield St, Kingsville, was listed for sale by Barry Plant’s Paul Filippone for $900,000-$990,000.
Bidding started at $940,000 and rose in a mix of $20,000 and $10,000 increments until it hit $1m and the auctioneer went to consult the vendor.
Rapid fire bidding followed and the price soared to $1.1m when the home was called on the market.
And that’s when things really opened up, with bidding jumping in increments from $1000 to $3000 until the home reached a $1.162m sale.
MID-WEEK BROWNLOW RESULT
In Point Cook, a four-bedroom house at 62 Brownlow Drive had three registered bidders at its auction on Tuesday night.
Jazz Real Estate director Jazz Singh said while bidding started at $680,000, only two of the three registered bidders got a chance to make an offer.
The offers continued until the home reached a $725,000 sale.
“The extra bidder was priced out by the others,” Mr Singh said.
A family planning a renovation claimed the keys, with an investor the buyer knocked out without a bid.
Mr Singh said about 40 groups had inspected the home and a further three prospective buyers had found alternatives in the area prior to the auction.
But with the address unrenovated the vendors had opted to forgo their $740,000 “ideal price” and to instead take the $725,000 unconditional offer under the hammer.
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Originally published as Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market
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