Banyule Homestead sells at auction for $5.2 million

A HISTORIC homestead in Melbourne’s north was snapped up by a young family for a multi-million dollar sum yesterday. SEE SALES RESULTS HERE.

60-74 Buckingham Drive, Heidelberg, is historic Banyule homestead, up for auction in May. For Herald Sun real estate dream homes 02MAY15

BANYULE Homestead was snapped up by a young Toorak family yesterday, paying $5.2 million for the eight-bedroom estate in Heidelberg.

It was one of about 903 homes that were up for auction this week and returned a preliminary clearance rate of 75.2 per cent, according to CoreLogic RP Data.

The Heidelberg sale attracted more than 200 people with four bidders lined up for action when RT Edgar director Glen Coutinho started the bidding at $4 million.

The hammer came down $200,000 above reserve with bids steadily edging their way up on the heritage-listed estate at 60 Buckingham Drive.

The historic Banyule homestead at 60 Buckingham Drive, Heidelberg, sold at auction for $5.2 million.

Mr Coutinho roused buyers interest as he started the auction, telling the crowd the property had garnered a lot of interest.

“A very exciting house that’s captured lots of people’s imaginations,” Mr Coutinho said.

The property measured about 9100sq m, featuring four bathrooms, eight living spaces, a ballroom, tennis court and swimming pool.

The estate is the most historically significant property in Banyule, dating back to 1846, and was one of the few remaining pre gold-rush mansions in Melbourne designed by architect John Gill and commissioned by English-born pioneer Joseph Hawdon.

The Buckingham Drive estate dates back to 1846.

A few suburbs over in Mont Albert North four developers scrapped it out for a 2400sq m block with townhouse plans and permits in place.

Price expectations for the knockdown home at 43 Orchard Crescent ranged from $3.4 million to $3.6 million.

Woodards, Blackburn, director Cameron Way said the property, with plans for six townhouses, sold for $3.57 million.

Mr Way said the strong sale price was indicative of demand in the eastern suburbs.

“We’ve seen demand over the past couple of years just growing and growing and growing,” he said.

“There’s a strong appetite for development sites and lots of builders and developers are looking for the next project.”

Buyers were less aggressive at the auction of a stunning Victoria-era home in Williamstown as it passed in at $2.2 million.

The gorgeous home at 26 Hannan St, Williamstown attracted a steady flow of buyers during the campaign.

The five-bedroom, three-bathroom home had been meticulously renovated and came with an in-ground swimming pool and spa.

Michael Harvey, of Williams Real Estate, said he had two definite buyers who didn’t reveal their hands in front of the crowd of 60 or so.

“We do have two genuine parties that we’re talking to, they just weren’t in a position today to do something,” he said.

“Once you get above $2 million your buyers are few and far between.”

His office had better luck with the three-bedroom home at 17 Stanley Street, which sold for $905,000.

He said any homes around the median house price bracket of $900,000 to $1 million generally sold very well.

Down in Sandhurst a charity auction scored more than $670,000 for the St Kilda football club.

Home builder Watersun Homes built the four-bedroom home at 77 Greenside Circuit.

The proceeds from the sale of 77 Greenside Circuit, Sandhurst went to the St Kilda Football Club.

It initially passed in for $640,000 but sold afterwards for $675,000. Auctioneer Niels Geraerts, of Barry Plant Yarraville, said all proceeds went to the club.

“I’m a long suffering St Kilda supporter, so whenever I can held the club I try to help out where I can,” he said.

The number of Melbourne homes that went under the hammer this week was down compared to 1072 last week.

CoreLogic RP Data senior research analyst Cameron Kusher said Melbourne’s clearance rate had been trending higher this year, most likely due to the recent interest rate cuts.