Herald Sun Real Estate auction blog: Live streams and rolling updates from the auction market
An “unlivable” period home sold for a whopping $2m as restrictions forced auctions online. Catch up on all of the sales across the city.
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Auctions around Victoria have forged ahead online amid the state’s fifth lockdown.
Public auctions and inspections are banned, with only virtual versions allowed to proceed.
But you can still watch the weekend’s real estate action from the comfort of home here on the Herald Sun’s auction blog, where auctions will be streamed from across the city below from 10am via auction lifestreaming service Gavl.
The day’s successful sales included a “really cool warehouse conversion” in the heart of Collingwood, as a run-down Edwardian in Fitzroy North notched a shocking $2.03m – despite its unlivable condition.
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127 BARKLY ST, FITZROY NORTH
A three-bedroom home’s decrepit condition didn’t stop the buyer from splashing a whopping $2.03m on it at an online auction.
Jellis Craig Fitzroy’s Courtney Walker said four bidders contested the period home that was in desperate need of a renovation.
“It’s a huge price – we didn't think it would get there,” Ms Walker noted.
It eclipsed the initial $1.58m reserve.
“It was predominantly younger couples looking to buy and do a huge renovation. Properties around Fitzroy North can sell for around $3m plus, so this is a rare opportunity to find a property of this ilk where you can put your own stamp on it.”
The residence currently features significant cracks throughout the walls, old light fittings and dated pastel walls, in addition to an unlandscaped backyard.
But Ms Walker said the buyers would likely “chop off the back” and add in a grand extension, while keeping the period facade.
It’s north-facing orientation, “decent size block” for the area and the tightly held location also helped drive the sale to unexpected heights.
24 KAROONDA ST, CAPEL SOUND
Along the Mornington Peninsula, Ray White Rosebud hosted a five-auction online extravaganza, where the three-bedroom house at 24 Karoonda St sold for about $100,000 over reserve.
A Melbourne family snapped up the Capel Sound pad for $775,000.
Listing agent Matthew James was slightly surprised by the hefty price of the original 1980s home.
“There’s such an under supply of properties at the moment, I think people are getting really desperate,” Mr James said.
“People don’t want to miss out, because they’ve missed out enough.”
He added that the overflowing demand from Melbourne buyers had begun to push local first-home buyers and renters out of the market, thanks to surging prices.
Principal Craig Bennie said his office sold four out of the five listings they took to auction, while the fifth was in negotiations after being passed in.
7 GARDEN AVE, MITCHAM
A two-bedroom Mitcham home smashed its reserve by an impressive $75,000, to sell for $1.175m under the hammer.
Ray White Blackburn’s Chris Smout said three bidders flocked to the weatherboard for it’s renovation potential.
“They were all looking to knock down and build their dream home,” Mr Smout said.
“The purchasers are a middle age couple who already live in the eastern suburbs, but are looking to move closer in and build a home to live in for many years to come.”
He said he expected the market’s demand to carry through despite lockdown.
“I don’t think it hinders it at all,” Mr Smout added.
“Some (buyers) probably even prefer it because they aren’t in a pressure cooker situation – this way they can sit in their living room and bid online comfortably.
145 JOHNSTON ST, COLLINGWOOD
The three-bedroom pad at Johnston St, which is tucked away a the back of a shopfront, was snapped up by a young professional couple for $1.89m at its online auction.
Nelson Alexander Fitzroy’s Roland Paterson said the unique pad just beat its $1.85m reserve.
A mix of owner occupiers, developers and creatives fought it out for the industrial-style house.
“It’s got three off-street car parks, which is unusual for Collingwood and highly coveted,” Mr Paterson said.
“(The buyers loved) the large living space and the quality fit and finish. It’s a really cool warehouse conversion.”
He said he believed the property was originally part of a florist, who had transformed the space into a residence.
23 ALLNUTT PARADE, CHELTENHAM
A renovated five-bedroom house in Cheltenham with a “master suite worthy of being on The Block” kicked off the weekend’s virtual auctions with a sale “significantly over reserve”.
The 23 Allnutt Parade home sold for $1.564m, soaring past the quoted range of $1,240,000 to $1,320,000.
Ray White Cheltenham’s Angela Limanis said six bidders fought it out from their respective homes, before the hammer fell to a local couple who were drawn to the property’s 730sq m block.
She said vendors who were trading in their family home for a new start in Queensland.
“One of the vendors has already moved for work, and now that the sale is done they are going to start looking (for a new home) up there,” Ms Limanis said.
“It was originally a single level four bedroom home, but they’ve completed a beautiful renovation and added another story – including a master suit worthy that’s worthy of being on The Block.”
10 WATTLETREE RD, FERNTREE GULLY
Stockdale & Leggo Ferntree Gully’s Robert Spano said he called for a “snap auction” on Thursday night for his four-bedroom listing at 10 Wattletree Rd.
“When we heard of the snap lockdown we called for a 7pm snap auction in office,” Mr Spano said.
“We had eight registered bidders in attendance and it was fought out to a sale price of $805,000.”
The home soared beyond its $640,000-$700,000 price guide, despite needing to be “gutted” in a complete renovation.
The agent said the spacious block was “a great spot for a knockdown rebuild as the location is 10 out of 10”.
Another run-down pad going to auction this Saturday is a dated million house at 127 Barkly St, Fitzroy North.
The listing images of the three-bedroom brick Edwardian show dramatic cracks throughout the property, which has been billed a “meaningful renovation opportunity” with a $1.5m-$1.55m price tag.
Greg Hocking Holdsworth Albert Park’s Josh Allison said he would not delay his auctions, instead pivoting to a virtual sales instead.
“We’ve already been having conversations with buyers for a plan B strategy and we will do an online auction if we need to,” Mr Allison said.
“We are comfortable with that and we’ve done it many times in the last 12 months now. We’ve got some history and evidence of how it goes in the past.”
He said he didn’t expect it to have an effect on the surging market demand, which had not wavered in recent weeks.
Last week a clearance rate of 78 per cent was recorded from 968 results reported to the Real Estate Institute of Victoria, compared to a similarly strong 80 per cent the week before.
The REIV listed Reservoir as the suburb with the most auction action with 31 auctions taking place.
Craigieburn, Richmond, Brunswick and Mount Waverley were also among the hottest auction suburbs.
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