Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market
The home had been with the one family for 60 years before it sold under the hammer. See all the auction action and results.
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
A retro Moonee Ponds home which had been with the same family for nearly 60 years notched a huge result at its Saturday auction.
The 8 Grace St pad was one of many on the street that have been tightly held by local families since the 1960s.
It features a heritage overlay protecting the facade, with a retro kitchen, bathroom, wallpapers, bathrooms and fireplaces inside.
RELATED: 132-year-old Kensington home’s post-auction success
Ormond house mural by Heide Circle artist Moya Dyring is unearthed ahead of auction
Melbourne auctions: Family finds Ormond forever home, Ferntree Gully sale
Jellis Craig Kensington director and auctioneer John Morello said about 60 groups had been through the home over its four-week campaign, including a number of families looking to upgrade in the Moonee Ponds area.
“It’s a tightly held street, there’s not a lot that sells there,” Mr Morello said.
“It has an attractive Hawthorn brick, Victorian facade but it does need a complete renovation. Some buyers wanted to do an extensive renovation upwards and outwards, while others said they would just renovate the front and do a contemporary rear.”
The home attracted three family buyers at its Saturday auction, which kicked off with a $1.8m bid.
Offers quickly reached $1.9m, at which point the 598sq m property was called on the market, before it sold for a huge $2.206m — smashing the reserve by $306,000.
“There was a massive crowd, it sort of felt like the old days,” Mr Morello said.
“The vendors were over the moon, it was the first time it was offered in 60 years so it was obviously very emotional and no one expected anywhere near that result.”
A local family placed the final offer who had been looking for a home to renovate for about five years.
“They kept missing out on properties but the husband said his wife usually doesn’t come to the auctions, but this time she did … so he said she must be his good luck charm,” the agent added.
It was initially listed with a $1.8m-$1.9m price tag.
The sale comes as PropTrack recorded a preliminary clearance rate of 65.9 per cent from 252 reported results on Saturday.
95 WILSON ST, BRUNSWICK
Closer to the city, an unassuming two-bedroom Brunswick house notched a mega $106,000 premium under the hammer.
Three competitive buyers went toe to toe for the 95 Wilson St home, which was initially listed for $1.05m-$1.15m.
The vendors, who had held the property as an investment for a few years, scored a whopping $106,000 bonus on their $1.12m reserve after the home sold for $1.226m.
Nelson Alexander Brunswick’s Carl Sacco said the purchaser was also an investor who planned to rent it out for a few years before moving in.
5/21-23 ARGUS ST, CHELTENHAM
A first-home buyer took out the auction for a three-bedroom unit in Cheltenham on Saturday morning after offers pushed it $23,500 over the $790,000 reserve.
Three buyers competed for the 5/21-23 Argus St home, which sold under the hammer for $813,500 after being listed for $720,000-$790,000.
Ray White Cheltenham auctioneer Angela Limanis said there had been good attendance on the property over its campaign with up to 19 groups at each open inspection.
“We had a lot of bidders and the auction moved very fast, it was very spirited, despite the pouring rain outside,” Ms Limanis said.
“This was my first auction for the year and I was keen to assess the sentiment with buyers and it felt good. The winning bidder was first-home buyer who is renting in the CBD and looking for more value for money.”
The vendor was selling to move closer to family in the bayside area.
20 BEAUFORT ST, MITCHAM
Over in Mitcham, another deceased estate sold under the hammer after a competitive auction with “aggressive bidding”.
The vendors were selling the 20 Beaufort St pad on behalf of their brother in what was described as an emotional sale for the family.
Three first-home buyers competed for the keys, with offers kicking off at $700,000 before quickly reaching the $800,000 reserve and selling for $879,000.
Jellis Craig Whitehorse agent Tynan Carr said the purchaser was an architect who planned to renovate and enhance the existing home.
“It was a pretty competitive auction with aggressive bidding, it was all done and dusted within seven minutes,” Mr Carr said.
“It was emotional but (the vendors) were very happy with the result.”
The three-bedroom timber house was first listed with a $750,000-$800,000 price guide.
1 ERIC ST, PRESTON
A three-bedroom house in Preston sold under the hammer on Saturday morning in an emotional auction that saw three bidders compete for the keys.
The weatherboard home at 1 Eric St was a deceased estate that had been with the same family since it was built in 1955.
Barry Plant North Eastern Group auctioneer David Moxon said the vendors grew up at the home, which sold for $817,000 under the hammer.
“The siblings were all there and they were emotional about the sale being their family home for so long,” Mr Moxon said.
Offers opened with a $720,000 vendor bid before two bidders fought in $10,000 rises for the 436sq m property.
While one buyer dropped out, another came in and took offers up to the $800,000 reserve, before rising in $1000 and $2000 bids to reach the final sale.
A local family won the keys and planned to complete minor renovations while living there, before eventually knocking it down to build their dream home.
It was initially listed for $800,000-$850,000.
AUCTION REPLAYS AND RESULTS
EARLIER IN THE WEEK
A four-bedroom house in Montrose scored a mega sale at its Tuesday evening auction, flying $420,000 above reserve.
The online auction for 23 Trevallyn Close attracted more than 30 bidders, mostly comprising family buyers, who battled for the keys to the 1851sq m property.
Offers kicked off at about $930,000 before competitive bidding pushed the home $420,000 over its $1m reserve, selling for a huge $1.42m.
Ray White Ringwood director Chris Watson had the $900,000-$990,000 listing.
“It was a large block of land and it had a pool and a big shed … it was a bit of a lifestyle property,” Mr Watson said.
“A lot of buyers weren’t necessarily out looking for real estate but they saw this and thought it was pretty nice.”
CoreLogic records show the vendors purchased the home 14 years ago for $650,000.
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: AFL champ Wayne Carey tackles real estate gig for old rival
Aussie property experts reveal the buying and selling basics you must get right
emily.holgate@news.com.au
First look: New Coast shopping centre for surprise site
A long-empty site in a surprise location will be transformed into a retail showroom complex under fresh plans lodged with the council. FIND OUT WHERE
Revealed: How much rent you need to pay in every Qld suburb
Rents have increased again in 252 Queensland suburbs, reversing the brief downward trend recorded just three months ago. See how your suburb compares!