Melbourne real estate auction blog: Replay property auctions and see all the results
While many Melburnians have fled winter for Europe’s warmer weather, a Tuscan-inspired Hawthorn East house has flown more than $600,000 past reserve after drawing out several buyers.
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A Tuscan-inspired house in Hawthorn East has soared more than $600,000 above reserve to achieve one of Melbourne’s top sales on Saturday.
Meanwhile, the federal government’s new tax cuts are set to boost a first-home buyer resurgence and increase competition among bidders as 705 Victorian homes head under the hammer this week.
Watch live auctions and replays on Gavl for all the latest results:
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PropTrack senior economist Anne Flaherty said the school holidays had led to a market slowdown, after the state recorded a 57 per cent clearance rate from 973 auction results last week.
Figures from financial comparison website Canstar show the tax relief program, which commenced on Monday, will give the average $96,621 single income earner an extra $20,000 to spend on a home.
This would increase their overall purchasing power to a maximum $475,000 under a 30-year loan, although separate PropTrack data points to this amount only covering a median-priced unit in 36 Melbourne suburbs.
AUCTION REPLAYS AND RESULTS
For families and couples on a typical $193,243 income, a $40,000 increase is on the cards.
This translates to a $1,095,000 loan, which Canstar’s group executive Stephen Mickenbecker said would cover a house in some areas.
Real Estate Institute of Victoria president Jacob Caine said the number of loans approved for the state’s first-home buyers hit 3198 out of 8900 total contracts issued in the 12 months to April, a jump of about 10 per cent when compared to April 2022-April 2023.
Mr Caine said the tax cuts would likely strengthen first-home buyer numbers to a greater extent, especially for more affordable abodes.
“An extra $20,000-$40,000 cane make a material difference to the location of the property or just being able to get you a property, full-stop,” he said.
“It’s a catch-22 in a way, as it does increase competition.”
He cautioned buyers waiting for a future interest rate cut that this would “lead to a frenzy in the marketplace”, making now a good time to buy for people with the ability to service a loan.
36 TOURELLO AVE, HAWTHORN EAST
The owners of Tuscan-style house at 36 Tourello Ave, Hawthorn East, are thrilled after their home of more than two decades sold for an impressive sum.
Gary Peer & Associates Carnegie director Leor Samuel said the owners built the Boroondara municipality residence about 22 years ago, inspired by their love of Tuscany, in Italy.
Mr Samuel said five bidders participated in the auction for the four-bedroom house which was listed with $4m-$4.4m price hopes.
However, as a crowd of about 150 people watched on, it sold for $5.051m – a sum way above the $4.4m reserve.
“The vendors are thrilled, they are downsizing locally because they love the area,” Mr Samuel said.
“It was a highly competitive auction and sold to a buyer who wants to live close to their family, who are nearby.”
Mr Samuel added that while some homeowners were reluctant to sell in winter, a time when many Melbourne residents head off on holidays interstate or overseas, the lure of a Tuscan-themed home had still attracted plenty of interest.
22 SURREY ST, MCCRAE
A renovated entertainer’s paradise on the Mornington Peninsula sold for $1.5m.
The four-bedroom house at 22 Surrey Street, McCrae, features two living areas, 30 solar panels, two ovens in the kitchen and an address within walking distance of the beach.
Woodards Peninsula director Darren Sadler said three bidders expressed interest in the property, with one actually bidding during the auction which saw the house pass in on a $1.41m offer.
“However, we negotiated with all three, we had a bit of a bidding war after the auction,” Mr Sadler said.
He said this was becoming increasingly common.
“People sit back and want to see what happens, only if they think they’re going to miss out will they put their hands up,” Mr Sadler added.
The buyer is planning to make the house their full-time home, he said.
35 HOCKEY LANE, ASCOT VALE
A partially-completed house in Ascot Vale which has stood untouched for eight years sold for five figures above reserve.
Woodards Essendon’s Tony Downward said the owner had been planning to construct their dream home at 35 Hockey Lane but unfortunately their builder went bust in 2016.
They eventually decided to sell, with three bidders contesting Saturday’s auction.
Mr Downward said the property was being sold for its land value, with the buyers having an option to recover any salvageable scrap materials.
He said that after being exposed to the elements for eight years, an engineer or similar professional would have to inspect the house and assess its safety before any further building could progress – and any plans would need to be resubmitted to Moonee Valley Council.
“The buyer was an engineer, the underbidder was a potential homeowner and the second underbidder a builder,” Mr Downward said.
“It was on the market at $750,000 and sold for $802,000, that was $52,000 above reserve and it’s not for the faint-hearted.”
38A CHITTENUP BEND, SYDENHAM
In Melbourne’s north western suburbs, a three-bedroom Sydenham house listed with a $650,000-$690,000 asking range wowed the crowed watching it go under the hammer.
Multiple bidders competed for the keys with bidding quickly climbing to $800,000.
The home at 38A Chittenup Bend, featuring two living areas, a study and children’s play area and an undercover outdoor entertaining space, is located close to the Watergardens shopping centre, Taylors Hill Village, a train and bus station, open spaces and schools.
There’s also a 7m-long garage.
Barry Plant’s Andrew Koulaouzos said the house sold for $801,000 after four bidders took part in the auction, although another three sets of buyers had indicated they hoped to also join in.
“The first bid was $600,000 and those bidders were the purchasers, in the end,” Mr Koulaouzos said.
“It was on the market at $710,000, the reserve, but we couldn’t announce that until a bit later as the bids were so fast and flowing.”
The home was bought by downsizers and set a new record for a home on a subdivided site, within its section of Sydenham.
Mr Koulaouzos said the seller was a builder who had previously lived the house.
51 BURNELL ST, BRUNSWICK WEST
A Californian bungalow at 51 Burnell St, Brunswick West, featuring original leadlight windows and high ceilings sold for $100,000 above reserve.
Ray White Brunswick director and auctioneer Jamil Allouche said six buyers were poised to bid on the three-bedroom house but only two had the chance.
“The auction started at $1.15m and then quickly got to the reserve,” Mr Allouche said.
Bidding became “pretty combative” as the two buyers escalated their bids across a 10-minute auction.
“The buyers were an older couple moving from the eastern suburbs, they were looking for something that was convenient to get into the city,” Mr Allouche said.
“But the buyer demographic was a mix and more of a younger crowd – the underbidders were a young family and the other bidders were either young families or young couples.”
The house ended up selling for $1.29m.
170 DANDELION DRIVE, ROWVILLE
More than 60 individual bids were placed on a Rowville house at a marathon auction.
The three-bedroom home at 70 Dandelion Drive last sold for $495,000 in 2010, public records show.
Bidding on Saturday started at $820,000 and flew above the $820,000-$900,000 asking range for the abode, featuring a main bedroom with an ensuite and walk-in wardrobe, games and rumpus room and fruit trees in the garden.
Barry Plant auctioneer Stan Michael said the residence had recently been repainted and had new carpets installed.
“Opportunities like this on Dandelion don’t come around very often,” he said.
As the bidding approached its endpoint, he twirled his gavel around and around, joking that, “I’ve got Thor’s hammer going here.”
The house sold for $969,000, a sum $474,000 higher than what the owners paid just 14 years ago.
Barry Plant’s Gavin Montorio and Deb Tucker had the listing.
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