Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market
A local couple outbid an international buyer at a Box Hill townhouse auction on Saturday, with the property smashing its reserve by more than $200,000.
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A Box Hill townhouse sold for $222,5000 above reserve as competition from several bidders, including an international buyer, drove the price above expectations on Saturday.
Meanwhile, the owners of Wantirna South house were “nearly in tears” when their property soared more than $300,000 above reserve.
Tune into the Herald Sun’s live auction blog for the latest results and to watch live auction at Gavl.com.
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A five-bedroom house at 98 Watsons Rd will go under the hammer on Sunday with a $3m-$3.3m asking range.
Built six months ago, the home boasts five bathrooms, seven toilets, remote-controlled drapes and chandeliers and a 62-jet spa.
“We’re mostly getting families in that pocket of the area, where the most expensive house ever sold went for $2.5m, and we look set to break that,” Ms Wells said.
AUCTION REPLAYS AND RESULTS
2/87 ALBION RD, BOX HILL
A three-bedroom townhouse at 2/87 Albion Rd, Box Hill, sold for $1.3225m.
Heavyside director Tim Heavyside said five to six bidders competed for the keys.
“There was an international buyer from China who was there, they weren’t successful though as they were knocked off by some locals,” Mr Heavyside said.
The home’s sold price was $222,5000 above the $1.1m reserve.
Mr Heavyside said the vendors “were thrilled” with the result especially after they sold the block’s front townhouse for $1.3m after Covid-19 hit Australia.
He said that a scarcity of stock was leading to increased competition among buyers.
“Today, this property was only one out of three Box Hill three-bedroom townhouses buyers could purchase, and that’s very low,” he added.
About 80 people watched the auction.
39 SOMERSET ST, WANTIRNA SOUTH
More than 50 people turned out to watch a house at 39 Somerset Street, Wantirna South, go under the hammer.
Ray White Wantirna’s Brad Spencer said more than 70 groups had looked through the four-bedroom house within two weeks of it being on the market.
“We had five bidders today, the home ended up selling for $1.551m, which was $351,000 above reserve,” Mr Spencer said.
“None of us expected that, the market’s running hot in the area with low, low stock but it wasn’t what we were expecting or what the owners were expecting, they were nearly in tears.”
Mr Spencer said the purchasers were a “lovely couple” with a child, who liked the home’s period style and the fact it had plenty of room for one of their overseas-based parents to come and visit.
The owners said they would like to spend some of the money from the sale to help out their children, Mr Spencer added.
27 SHAMROCK ST, BRUNSWICK WEST
A young couple were “very excited” to purchase a two-bedroom Brunswick West house.
Nelson Alexander’s Charlie Barham said the 27 Shamrock St single fronted terrace attracted three bidders.
A $930,000 vendor bid opened proceedings, followed by a $940,000 offer from the crowd.
Mr Barham said the home ended up selling for $1.045m, a figure $55,000 above the $990,000 reserve.
“The buyers were a young professional couple who used to rent locally and were returning to the area,” Mr Barham said.
They had spent about six months looking to buy, he added.
Mr Barham said the owners were “thrilled” their investment property of 24 years had sold.
The 1990s-built terrace offered capacity for improvement, although it was perfectly liveable, he said.
“You could move in without spending a cent and it still holds a lot of opportunity to add value,” Mr Barham added.
1/2 BIRDWOOD ST, FRANKSTON
A renovated 1940s cottage at 1/2 Birdwood St, Frankston, sold above expectations despite a slow start.
Ray White Cheltenham’s Dylan Jansma began the auction with a $480,000 vendor’s bid.
Bidding reached $520,000 before petering out, prompting Mr Jansma to pause the auction and seek instructions from the vendors.
However, upon restarting, a $560,000 offer – upon which the two-bedroom house was announced on the market – saw competition kick in between buyers.
Multiple bidders drove the final sales price to $593,000, a sum $13,000 above the $530,000-$580,000 asking range.
Mr Jansma said the owners had renovated the cottage, an investment property, seven to eight years ago, but decided to sell in order to “free up some capital to spend more time with their kids”.
“The mix of buyers included mainly first-home buyers as well as a downsizers,” Mr Jansma said.
He said the lack of a body corporate, the 388.76sq m block size and proximity to Frankston’s CBD, train station and beach had made the cottage a popular prospect.
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