Melbourne auctions: Brighton house sells for $1m lower than it fetched 12 months earlier
A Brighton house has sold for a whopping amount, seven-figures below what it fetched a year earlier. The home features a rooftop hot tub spa, plus a sauna, bar and games and billiards room.
A French Mediterranean-inspired Brighton house changed hands for a massive $8.5m at auction yesterday, a sum $1m lower than its last sale just 12 months ago.
The five-bedroom pad at 36 Dawson Ave features a sauna, home cinema, games and billiards room with a built-in bar and rooftop terrace equipped with a hot tub spa and barbecue kitchen.
Marshall White Bayside director Andy Nasr confirmed the sale but declined to comment.
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Morrell and Koren buyer’s advocate Matthew Cleverdon, who bought the home on behalf of a client, declined to discuss the price.
However, industry sources indicated the sold figure, while public records show the house previously fetched $9.5m in February, 2024.
“I would say the Brighton and Bayside markets are transacting well, with opportunities still to be found,” Mr Cleverdon said.
Further out in the south eastern suburbs, a three-bedroom house at 16 Hunt Drive, Seaford, transacted for $710,000 under the hammer on Saturday, a figure $80,000 above the $630,000 reserve.
Ray White Chelsea director Shane O’Sughrue said that out of seven bidders, an investor won the keys ahead of a first-home buyer.
The auction started with a $580,000 bid, after one cheeky bidder tried offering $500,000 – a bid that Mr O’Sughrue turned down.
He said there were plenty of first-home buyers looking to secure a home in the area with more expected to enter the market if the Reserve Bank of Australia cuts the nation’s official cash rate when it meets on February 18.
“To have seven bidders registering for an auction in Seaford is a sign the market is heading in the right direction,” Mr O’Sughrue said.
The home’s owner said that she purchased the residence about six years ago as an investment, and had since rented it out.
One of the tenants had worked from the home as a hairdresser, she said.
The vendor said the property would also make a good project for someone wanting to renovate or extend it, pending council approval.
The Kew East-based Wakelin Property Advisory group released a report titled Is Melbourne’s Market Being Misread? this week.
Company director Jarrod McCabe stated in the report that the city’s “relative underperformance of recent years suggests there maybe significant pent-up demand waiting to be unleashed”.
“As market conditions stabilise and confidence returns, Melbourne will be primed for a period of strong growth,” Mr McCabe wrote.
PropTrack data shows Victoria recorded a preliminary 69.7 per cent clearance rate from 343 early auctions this week, with 911 auctions scheduled across the state next week.
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Originally published as Melbourne auctions: Brighton house sells for $1m lower than it fetched 12 months earlier
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