Real Estate auction blog: Livestreams and rolling updates from the auction market
Amid school holidays and more Victorians heading overseas, less competition is expected at auctions for keen buyers wanting to score a property. Here’s the ones we’re watching.
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Buyers reportedly have a higher chance of scoring a home at auction this week, with the Real Estate Institute of Victoria predicting only 680 properties to go under the hammer.
Amid school holidays and with a number of Victorians heading to warmer climates following a two-year travel hiatus, less buyers are expected on the ground this weekend.
REIV president Richard Simpson said this is a good time for buyers to secure a property due to less competition than usual.
“It’s a slower time but a good opportunity for buyers if they see a house, to buy it at auction or negotiate a good price,” Mr Simpson said.
Tune in below:
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2 GALA SUPREME CLOSE, MORDIALLOC
Rounding out our Saturday auction coverage is the sale of a stylish three-bedroom townhouse in Mordialloc.
The 2 Gala Supreme Close pad last sold in 2017 for $786,550 according to CoreLogic, and has now soared above its $1m reserve to sell for $1.1625m.
Ray White Cheltenham director and auctioneer Kevin Chokshi said the vendors were relocating to Queensland and had “a lot of nerves” prior to the auction given the current market.
Bidding started at $960,000 and soon after reached the $1m reserve.
Mr Chokshi said the buyer was looking for her second home, and said after the auction that she had spoken to people who specialise in renovations and with costs skyrocketing, decided to buy something already completed.
The 199sq m property was originally listed with a $950,000-$1m price guide.
2 MERRICK CRESCENT, GLEN WAVERLEY
A three-bedroom Glen Waverley home saw a cracking $1.412m result at its auction on Saturday afternoon.
The 671sq m property at 2 Merrick Crescent was popular, with bidding kicking off instantly with a $1.1m bid, shortly followed by a vendor bid of $1.35m.
It quickly took off before the property was called on the market at $1.410.
Bidding continued, with many neighbouring residents watching on eagerly.
At one point, the auctioneer called out “the neighbours know how wonderful these streets are … right?”, to which the spectators echoed agreement.
A few further bids were placed before the winning $1.412 bid.
Harcourts Judd White agent Andrew Dimashki said most of the interested buyers were families, with about 10 family buyers confirming attendance prior to the auction.
“It’s a beautiful, landmark home … we call it the doll house in the area,” Mr Dimashki said.
“The owners are super emotional about it, it was their parents house and then their house.”
60 EXCELSIOR DRIVE, FRANKSTON NORTH
A modest three-bedroom home in Frankston North sold under the hammer on Saturday morning for $530,000, soaring $30,000 above its $500,000 reserve.
60 Excelsior Drive, initially listed with a $490,000-$539,000 price guide, was previously a family home but was being auctioned as part of a deceased estate.
Four bidders fought for keys, with a buyer who had just overcome cancer placing the winning bid, according to O’Brien Real Estate Frankston agent Mark Burke.
“He was with his mum and cried with joy once he bought it,” Mr Burke said.
The home was first built in 1950.
Also on Saturday morning, a glamorous two-bedroom villa in Camberwell sold in a competitive auction with six bidders.
The pad has been in the same family since 1989, purchased for only $295,000, according to CoreLogic. The vendor is now looking to downsize.
Bidding started strong at $1m and continued to hike without interruption to reach a huge $1.206m sale — blitzing its $1.06m reserve by $146,000.
Belle Property Glen Iris principal director and auctioneer Steve Burke said a young family buying their second home won the keys, with a few downsizers and investors missing out.
He added that the new owners loved the north-facing rear and “beautifully established gardens”, along with the home’s privacy.
“It’s in pristine condition,” he said.
Mr Burke said the vendor had loved her time at the property and was “delighted” with the result, particularly as it sold to a young family.
The pad initially had a $1m-$1,1m price guide.
Over in the West, a period weatherboard home in Newtown passed in at a rainy Saturday morning auction.
Before bidding commenced, Compton Green Geelong auctioneer Aiden Butera described the property as “the worst home in the best street”.
“Commiserations to our vendors watching online, but I actually see this as a great opportunity,” he added.
Despite the home’s worn facade, the interior boasts period features while still in liveable condition, with plenty of renovation prospects.
Bidding started slow with a $1.1m vendor bid, before a subsequent $1.125m bid was placed a few minutes later.
Buyers were hesitant to continue bidding and the property was passed in soon after.
It was initially listed by Compton Green Geelong agent Emilly Simmonds with a $1.2m-$1.3m asking price.
Further negotiations are now taking place.
In Melbourne’s inner north, a three-bedroom Coburg home soared above reserve on Saturday morning to reach a $950,000 sale.
An $810,000 vendor bid kicked things off, with four bidders eventually throwing their hats in the ring.
Bidding quickly rose in $10,000 increments, before Barry Plant Inner City Group auctioneer Jarrod Couch called the property on the market at $910,000.
A number of $5000 bids were placed before it sold for $950,000 — a huge $40,000 above reserve.
The pad was originally built in 1920 but now has a contemporary interior, reflective of renovations completed by the vendors, a family of four.
Barry Plant Inner City Group listing agent and auctioneer Sam Gotzilianis also sold them the property in 2014 for $551,000, CoreLogic records show.
“It has that artistic flare about, it’s a little bit quirky and a bit different, but the renovation is not overdone … it’s quite simplistic,” he said.
“A lot of first-home buyers, young professionals and young families have taken a fancy to it, it has character and a modern appeal but also originality.”
Upgrades to the pad included restumping, rewiring, painting the exterior, updating the kitchen, knocking down walls and landscaping.
Mr Gotzilianis noted that while auction numbers were reducing, he was seeing “better quality buyers” on the field.
“It sometimes takes more time or it’s harder to negotiate … but given the current rate rises, the inner north seems to still be doing okay,” Mr Gotzilianis said.
The property was initially listed with an $810,000-$860,000 price guide.
EARLIER IN THE WEEK
Although auction numbers have dropped off the past few weeks, there were still a number of properties which sold under the hammer prior to the weekend.
A three-bedroom unit in Mooroolbark sold above expectations, while a four-bedroom house in Tarneit flew $15,000 above reserve.
1/257 MANCHESTER RD, MOOROOLBARK
A three-bedroom pad in Mooroolbark sold at auction on Wednesday night for $715,000 — exceeding its $650,000-$710,000 price guide.
Five bidders battled for the keys, but a young couple buying their first home placed the winning bid.
Ray White Ringwood director Chris Watson said the property was also the vendors first home, which they purchased in 2015 for $480,500, according to CoreLogic.
“They’re a young family now so moving to upsize,” Mr Watson said.
“It was a fast and competitive auction … they were happy with the price.”
AUCTION REPLAYS AND RESULTS
Also on Wednesday evening, a modern four-bedroom home in Tarneit scored a $590,000 sale — $15,000 more than its $575,000 reserve.
Bidding started at $550,000 and quickly rose in $10,000 increments before hitting $570,000.
Many smaller bids followed before the final bid was placed by an investor.
Four parties vied for the keys to the property, which was also purchased by an investor in 2018 for $234.000, CoreLogic records show.
It has been leased since 2019 and the current tenant will remain, despite the new owner.
Ray White Point Cook managing director Amar Thakkar had the listing, which initially had a $560,000-$600,000 price guide.
Still to come in Warrnambool, McGrath South Yarra director John Rombotis is auctioning a versatile 1.16ha property just back from the waves with $2.75m-$3m price hopes on Sunday.
The 7 Logans Beach Rd site, owned by its sellers since 1972, could suit a range of residential and commercial uses, including retirement living or accommodation, and features a five-bedroom house.
Mr Rombotis said the sprawling property was just back from a prime whale watching vantage point, and investors from Melbourne were attracted to the capital growth and yield potential.
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