Herald Sun Real Estate auction blog: Livestreams and rolling updates from the auction market
A record number of auctions were set to go ahead this week, with an AFL legend’s childhood home snapped up early. Catch up on the results on the blog.
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More than 1600 auctions are scheduled to go under the hammer this week — the highest number ever recorded in February.
It comes as the childhood home of AFL great Denis Pagan was snapped up prior to auction in an example of a desperate trend agents say is becoming more popular in 2022.
A whopping 1670 properties are set for auction this week, according to the Real Estate Institute of Victoria (REIV).
Keep up with the latest live auction results via our blog below.
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And a “picturesque” Edwardian notched a striking sale more than $500,000 above reserve at its Saturday afternoon auction.
Described as a “Golden Mile” address, the spacious and charming home sold for a whopping $4.72m — well above the $4.2m reserve set.
Three bidders vied for the keys to the period home, which includes polished floorboards, pressed metal ceilings, a pool and a shed.
Despite the excellent result Kay & Burton Hawthorn director Scott Patterson said the market was starting to change.
“The market is shifting a bit, with fewer bidders currently vying for properties,” he said.
“Vendors will need to adjust their expectations, with some properties falling short of reserve and passing in. A market adjustment is coming.”
Meanwhile in Cheltenham, a picture-perfect property that recently underwent a “magnificent renovation” attracted a sale $100,000 above its vendors reserve.
The three-bedroom, two-bathroom townhouse had a $1.05m-$1.15m asking price.
But a fast auction saw it quickly rise above the reserve of $1.225m for a $1.331m sale.
Ray White Cheltenham director Kevin Chokshi said the buyer was a “young family from Caroline Springs”.
“They’re moving in the area because they have young kids and want the benefit of good schooling,” he said.
Every person who attended the auction of this dated Mt Waverley home put in a bid in a hotly contested event.
The four-bedroom property on 751sq m of land — prime for development — sold for $1.202m on Saturday morning in front of a small but fierce crowd of about 20 people.
It was called on the market at $1.08m before the arrival of a car interrupted proceedings and threw another bidder into the mix.
“A car pulls up, a lady jumps out and starts bidding out of nowhere,” Harcourts Judd White CEO Dexter Prack said.
More bidding followed before Mr Prack noticed one party who hadn’t yet raised their hand.
“I said ‘you’re the only one that hasn’t bid’ — and he jumped in and bought it!”
The quiet but calculated move won the day, with the house selling for $1.202m — a “great price for that pocket”.
The buyer intends to sit on the property for a while and may do it up and rent it out, Mr Prack said.
It was originally listed for $1.1m-$1.210m.
301 WATERFALL GULLY RD, ROSEBUD
On the Mornington Peninsula, a renovated five-bedroom home with 230-degree views of the bay blew bidders away.
The secluded property at Waterfall Gully Rd went under the hammer on Saturday in front of about 50 people, but only two bidders were given the chance to put up their hand.
An opening bid of $1.5m kicked things off, before a second and third bid put the property on the market at $1.65m.
Ray White Rosebud director Craig Bennie said the two parties “fought it out and really wanted it,” pushing the price tag more than $300,000 above its $1.5m-$1.6m asking price.
The two-storey property on 1000sq m eventually sold for a stunning $1.867m.
The buyers were a family looking to move in, he said.
“There’s a lot of kangaroos and wildlife, it’s secluded and on a dirt road and that appeals to a lot of people,” Mr Bennie said.
He added that properties on the idyllic beach strip were still “in strong demand”.
“In Melbourne they’re saying it’s easing back, the higher end of the market,” Mr Bennie said.
“But seeing a property sell for this amount over $1m in Rosebud, well above median sale price, says how enticing unique properties are.”
14 WARDLE CLOSE, BLACKBURN SOUTH
Framed by trees and an expansive backyard, this “Zen oasis” in Blackburn South sold for a whopping $1.712m at auction on Saturday morning.
Woodards Blackburn agent Bronwyn Lucas encouraged hopeful homeowners to “imagine family functions here” and bid accordingly.
The four-bedroom property was listed for $1.39m-$1.49m, but quickly rose to $1.5m — at which point it was called on the market.
Three bidders kept the price climbing before it sold at $1.712m — more than $200,000 above asking price.
In Glen Waverley, Harcourts Judd White CEO Dexter Prack called the “longest auction on record”.
A handful of bidders fought for the keys to the five-bedroom home in dual school zones in a mammoth 45 minute sale.
The property was called on the market at $1.82m before 30 minutes of $1000 and $500 bids took the price to $1.9m.
“I could have done that 20 minutes ago,” Mr Prack exclaimed, in reference to his request for higher bids.
At least two parties went tit-for-tat for the final run of the auction, with the hammer eventually falling at $1.936m.
The two-storey home was built “to capture all the feng shui principles”, according to its listing, and had a price guide of $1.6m-$1.760m.
Kicking off this week’s auction action was the sale of Country Road head of design Maria Rinaldi-Cant’s family home in Windsor.
Ms Rinaldi-Cant and her husband bought the pad in 2004 and commissioned a renovation led by Liam Eastop of esteemed Fitzroy-based architecture firm Eastop Architects in 2019.
It was nominated for a design award in 2021.
The three-bedroom, two-bathroom property sold under the hammer on Thursday night for $2.9m
Marshall White agent James Paull said the vendors were “thrilled” at the price.
He said the buyer was a single lady from Stonnington who had an “astute appreciation for quality architecture”.
It had originally been listed with a $2.6m – $2.8m
The former home of North Melbourne and Carlton coach Pagan — at 140 Station St, Carlton — was among a raft of homes to sell before auction after a keen buyer placed an early offer too good to refuse.
The double-fronted Victorian with a modern extension sold for $2.55m last week ahead of this Saturday’s scheduled auction.
It had an initial price guide of $2m-$2.2m.
Nelson Alexander Carlton North agent Shayne Mooney said with limited top-tier properties on the market, many buyers were trying to find an edge to secure their dream home.
“The stock levels are not huge and there’s not a whole heap of quality stock around,” Mr Mooney said.
“There’s a lot of uncertainty with interest rates and what’s happening in other parts of the world, as well as the election. But that’s the benefit of putting in an offer prior to auction.”
A woman with children at a nearby university took home the keys.
BIGGEST FEB AUCTION WEEK ON RECORD
A whopping 1670 properties are set for auction this week, according to the Real Estate Institute of Victoria (REIV).
That figure is expected to surpass last week’s 1202 reported auction results as the busiest February week on record and round out an unprecedented summer of auction action, figures from the REIV show.
AUCTION REPLAYS AND RESULTS
Ray White Cheltenham director Kevin Chokshi said buyers were quick to get on the front foot for move-in ready homes, with many asking direct questions at open inspections and putting in offers prior to auction.
“There’s still heaps of confidence out there in terms of buyers … and the uncertainty in the world right now, I think people are just finding that a home is the safest investment,” he said.
Another property data agency, CoreLogic, is predicting 1563 auctions will go ahead this week, while realestate.com.au had forecasted 1532.
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