Herald Sun Real Estate auction blog: Livestreams and rolling updates from the auction market
An old Ramsay St-esque Chadstone brick house that last sold for just $166,000 has soared under the hammer. See all the results.
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A classic Chadstone brick house just back from the fashion capital soared to a $1.55m sale under the hammer, having last changed hands for just $166,000.
There were no inside pictures of the three-bedroom house on 1089sq m at 10 Cole Cres in an indication its days of giving old Ramsay St vibes to its bushy street were numbered.
Three bidders pushed the price up from “a nice conservative start” of $1.2m as Woodards Oakleigh auctioneer Frank Scalise worked the crowd.
Two in particular went toe-to-toe before Mr Scalise paused the action at $1.4m to consult the vendors, declaring the property, which had been quoted at $1.35m-$1.45m, on the market upon his return.
From there, $25,000 increments between the two bidders took it to its sale price, at least $150,000 beyond reserve and more than $1.3m more than it last sold for in 1991.
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14 CAMBRIDGE ST, SEAHOLME
In Seaholme on the other side of the city, a contemporary renovation of a four-bedroom 1950s house at 14 Cambridge St attracted a sale price of $1.901m after being listed for $1.5m-$1.6m and called on the market at about $1.725m.
Ray White Altona’s Andrew Dowton said four families competed for the keys and about nine registered before the auction.
“It was a beautiful home, 1950s weatherboard that was renovated about six years ago,” he said.
72 SPENSLEY ST, CLIFTON HILL
An ultra-stylish three-bedroom house at 72 Spensley St, Clifton Hill, sold for $2.08m after being quoted for $1.68m-$1.78m, reported Wakelin Property Advisory’s Jarrod McCabe.
Mr McCabe said he counted about six bidders at the auction, which attracted a crowd of about 50 people, with the property renovated a few years ago.
“It’s one of the better streets in Clifton Hill; very attractive, tree-lined and nice and close to Merri Creek also with good access to the train station,” he said.
“It had really good rear access, so the off-street parking at the back was very good as well.”
Mr McCabe said Clifton Hill had become a very strong young family market over the past 10-15 years with great primary schools including Spencely St and Gold St, and parklands.
1/78 MOONYA RD, CARNEGIE
Six bidders competed for a three-bedroom townhouse with a Tudor touch at 1/78 Moonya Rd, Carnegie, pushing it to $1.007m after being on the market at $920,000.
Ray White auctioneer Josh Hommelhoff said the main factor was there was no similar stock, with 79 groups through the first open for inspection, and 74 contracts given out.
“It is really interesting how often I have been approached by clients in the last six months to help with finding relatives overseas who want to move to Melbourne,” he added.
He said it was a good time for sellers, with tight stock.
2/54 Mt Dandenong Rd, Ringwood East
An empty two-bedroom unit fetched $477,000 on a $390,000 reserve at 2/54 Mt Dandenong Rd, Ringwood East.
Ray White Manningham agent Harry Lai said three bidders were active from a possible five, and all of them were first-home buyers.
He said there was strong demand for quality units from first-home buyers.
62 ST GEORGES RD, NORTHCOTE
The longtime home of the Melbourne Anarchist Club has been snapped up by a buyer likely to turn it into a cafe with a residence out the back.
Wedged between two apartment buildings that now dwarf the former haven of rebellion at 62 St Georges Rd, Northcote, the shopfront fetched $806,000 at auction on Tuesday.
It was one of 654 auctions scheduled across the state, and 607 in Melbourne this week, with volumes down slightly due to the Anzac Day weekend.
McGrath Northcote agent Luke Brizzi said three bidders competed for the property, which was really just a “dilapidated shell” now, in a sign of reinvigorated confidence in the market.
“They were all investors, two on the street, one on the phone, the property had been on the market for quite some time, it’s a dilapidated commercial space that had a little bit of trouble moving,” he said.
“We decided to put it back up for auction this time around and it was a very different scenario. It was a bit of sign to us that if St Georges Rd gets three people bidding on it there’s definitely a bit more confidence back.”
Mr Brizzi said a shortage of stock was a big driver of performance, and the pause in interest rates had likely added a boost.
AUCTION REPLAYS AND RESULTS
“They buyer is going to make the front into a retail space, probably a cafe, and then the back into sort of a one-bedroom residence for now and they may eventually utilise the plans that are there to build up, which are for four storeys including the commercial space.”
The seller bought the property from the anarchists in February 2021 for $770,000 and got the plans and permits approved before their personal circumstances changed.
It had a reserve of $780,000 after being quoted for $700,000-$750,000 in this campaign.
Ray White Victoria chief auctioneer Jeremy Tyrrell said Ray White would have the same volume of auctions this week as last, even with the Tuesday public holiday.
Last week, Ray White Victoria had its strongest clearance rate of the year at about 80 per cent, with Mr Tyrrell noting an improvement in market sentiment.
5 WATERFORD CLOSE, CAROLINE SPRINGS
A four-bedroom house on 1035sq m in a bush-like setting at 5 Waterford Close, Caroline Springs, attracted four registered bidders last week.
Ray White Caroline Springs agent Zole Elali said three of those put their hands up at the auction, all owner occupier families.
It fetched $1.035m after a couple of downward adjustments to the price guide.
Mr Elali said the fact it backed onto the lake was a drawcard, as there were “not a huge amount of them”, as was the land size.
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