Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market

Five bidders have pushed a slick Richmond house more than $1m beyond its reserve in a shock result. WATCH AUCTIONS LIVE.

Scott Carbines

4 min read

February 18, 2023 - 1:45PM

News Corp Australia Network

The auction for the house at 135 Somerset St, Richmond, went bananas.

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A four-bedroom Richmond house being sold by the founder of a Melbourne-based fintech company smashed its reserve price by more than $1m.

The slick pad at 135 Somerset St shocked all involved when it soared to $4.2m under the hammer from a price guide of $2.7m-$2.9m and reserve of $3.05m.

Five bidders battled for the sleek design, described as “unique” for the area, that had been the home of HelpPay boss Andrew Ellett.

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Ray White Victoria chief executive Stephen Dullens said the final two bidders went toe-to-toe for about the final $700,000, which was dominated by $5000 bids.

“It kind of felt like I was standing in 2022 again, it just went crazy,” he said.

“I think everyone’s a bid astounded by it.”

Ray White Balwyn agent Brad Cooper noted the final two bidders were men, with the successful purchaser, with teenage children, to move in as his Melbourne base.

A private oasis at 135 Somerset St, Richmond.

The kitchen, living area and courtyard on the ground floor.

“It would cost a fortune now to try and build that with the cost of renovations going up so much. They probably paid what it would cost to buy the land and build it now,” he said.

Mr Dullens said the four-level house was more akin to what was seen in Hawthorn, Camberwell and South Yarra.

Melburnians have had the most choice they have had this year under the hammer this week, with 816 auctions scheduled across Victoria, including 765 in Melbourne, according to PropTrack.

9 DALMOR AVE, MITCHAM

Young families liked what they saw at 9 Dalmor Ave, Mitcham.

The kitchen is new.

Modern living.

About three bidders pushed the updated three-bedroom house at 9 Dalmor St, Mitcham, about $30,000 beyond reserve.

Heavyside director and auctioneer Tim Heavyside knocked the property down for $1.03m after about 10 minutes from a starting vendor bid of $900,000 to being called on the market at $1m.

“It’s virtual entry point into Mitcham, a refurbished three-bedroom, one-bathroom original home that’s had a brand new kitchen put in,” Mr Heavyside said prior to auction.

“Its adjacent to a little reserve so kind of has a backdrop onto a nice tree-d aspect, which is quite unique in itself. It’s been popular for first-home buyers, second-home buyers, there’s been a lot of young people and lots of children through my inspections.”

The property was sold for the first time in 25 years and had a price guide of $900,000-$990,000.

Four bidders competed for 12 Milton St, Heathmont.

The vendors had been there for about 30 years.

12 MILTON ST, HEATHMONT

Four bidders pushed the price of a four-bedroom house at 12 Milton St, Heathmont, about $120,000 beyond reserve.

Jellis Craig Whitehorse auctioneer Daniel Bullen had a bid of $1.1m straight away for the 934sq m property in a “beautiful little cul-de-sac”, with rapid fire bids between three groups taking it beyond its $1.1m-$1.2m price guide.

It was noted as on the market at $1.21m, with a fourth bidder entering the action at $1.33m, before the hammer fell at $1.341m.

Mr Bullen said in his pre-auction spiel “no one comes down here unless you live here” and Heathmont benefited from great value and infrastructure.

A brick classic at 57 Hill Rd, Balwyn North.

The cool kitchen.

Pristine style.

57 Hill Rd, Balwyn North

An ultra-cool modernist home at 57 Hill Rd, Balwyn North, might be knocked down, with its future yet to be determined after passing in.

The four-bedroom 1960s house had a price guide of $1.65m-$1.75m prior to auction through Jellis Craig’s Patrick Dennis, who placed three vendors bids before any other action.

A solitary male bidder then placed at $1.66m bid to have the property passed in to him.

Mr Dennis said in his pre-auction address the future of the property was “entirely up to you”.

“It’s a ‘60s modernist home, offered for the first time in many years,” he said.

“You could move in and be taken back to the ‘60s, a bygone era or … you can see around here some of the homes have been rebuilt”.

The 702sq m property is in the Balwyn High School zone. CoreLogic records show it last sold for $250,000 in 1993.

Ms Vu and Jimmy draped in Versace.

1104 NORTH RD, BENTLEIGH EAST

A seven-bedroom house built for a dog was an eyebrow-raising headliner at 1104 North Rd, Bentleigh East — the suburb with the second most auctions this week at 12.

Seller Helen Vu said she was living in a townhouse when she purchased her german shepherd puppy Jimmy, but it quickly became too small.

So she built a new home, priced at $2m-$2.2m through Ray White Carnegie’s Tom Grieve, with an outdoor doggie shower and a bedroom for the pampered pooch to call his own.

“We built the house because of Jimmy,” Ms Vu said.

“The house belonged to him, he had his own spot on the couch and if you came and sat on his spot, he’d sit very close to you and you would have to move.”

It sold for $2.51m after being called on the market at $2.3m, with six bidders.

AUCTION REPLAYS AND RESULTS

Neighbouring Bentleigh is also one of the busiest suburbs for auctions this week, with 11; Reservoir has the most with 18, and Glen Iris and Richmond also have 11.

Industry players have reported demand for quality properties outweighing supply to begin 2023, with the increasing level of stock to test market conditions.

11 KENDALL ST, COBURG

In Coburg, a century-old house passed down through generations sold for $1m.

Jellis Craig Reservoir agent Anthony Lapadula said the three-bedroom house at 11 Kendall St attracted three bidders, all young families. It had a $900,000-$950,000 guide and sold right on reserve.