Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market
A run-down Coburg house for sale for the first time in nearly 50 years scored a $200,000 premium under the hammer, while a stylish Thornbury home also notched a huge result.
Despite its run-down appearance, a three-bedroom Coburg house that has been with the same owner for nearly 50 years soared above $1m to notch an impressive $206,000 premium under the hammer.
It was one of about 830 properties that the Real Estate Institute of Victoria predicted would go under the hammer this week, as buyer competition increases off the back of a pause in interest rate rises.
The decrepit 42 Cameron St pad had a “very competitive auction” on Saturday morning, with six bidders vying for the keys to the renovation project.
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It was described in its $950,000-$1.045m listing as a “rough diamond” nestled in a “picture perfect premiere pocket”.
The 286sq m property also comes with an approved planning permit and council-endorsed drawings to accommodate a significant renovation and extension, including adding a separate double garage at the rear and a studio apartment on top.
Raine & Horne Brunswick auctioneer Robert Elezovic said the vendor was an older lady, with CoreLogic records showing she purchased the home for just $29,000 back in 1975.
A mix of young couples competed in front of a crowd of about 50 people, before one placed the winning offer of $1.206m — a shocking $206,000 above the $1m reserve.
“It was a really good result, the vendor was thrilled,” Mr Elezovic said.
CHOCOLATE FACTORY PAD’S TASTY RESULT
A two-bedroom, loft-style apartment in the converted MacRobertson’s Chocolate Factory site flew $196,000 above reserve at a competitive Saturday morning auction.
The historic Fitzroy pad at 503/416 Gore St is among a raft of converted apartments inside the historic factory and boasts a spacious floor plan with an industrial, New York City-loft feel and impressive views of the city skyline from an outdoor terrace.
Bidding started strong with a buyer’s advocate placing a $1.36m offer, which immediately put the property on the market.
Nelson Alexander Fitzroy agent David Sanguinedo said he was “taken back” by the confidence of the buyer’s agent, as were the 50-person-strong crowd.
“I think everyone was (shocked), the crowd just went silent,” Mr Sanguinedo said.
“But it was a good strategy, there were other bidders there who wanted to participate but after seeing someone with such an aggressive bid they were taken back by the confidence.”
Only one other buyer, a downsizer, threw their hat in the ring and went “back and forth” with the advocate.
But the agent eventually placed the winning $1.396m offer, earning the vendors a huge $196,000 premium on the $1.2m reserve.
“The vendor was extremely happy, they had a reserve of $1.2m but were happy to sell just under that if we had to,” Mr Sanguinedo said. “But it worked out in everyone’s interest.”
He added that properties in the chocolate factory of similar size to the apartment “rarely came up”.
“People love the high ceilings, the views and the aesthetic of being in the factory where Cherry Ripe was made, and also just being right in the mix of a well known and well built property in that locale,” he said.
The stylish pad was initially listed with a $1.15m-$1.25m price guide.
4 MARIE COURT, MT WAVERLEY
In Mt Waverley, a modern four-bedroom home soared a whopping $390,000 above reserve at a competitive auction.
The 4 Marie Court house attracted five bidders, mostly comprising families with young or teenage children.
Ray White Mt Waverley auctioneer Courtney Matthews handled the impressive $2.19m sale — scoring his vendors a $390,000 premium on the $1.8m reserve.
A young couple looking to start a family and wanting a home in a “family-friendly area with good school zones and a park at the end of the court” won the keys.
“The park got renovated by the council recently and the house is inside the sought-after Mount Waverley College zone,” Mr Matthews said.
“There’s a great cafe around the corner that’s really appealing for locals and it’s only a two minute drive from Chadstone Shopping Centre.”
He added that the house was just over seven years old but had been kept in “mint condition”.
“It’s like buying a brand new home, and the single level layout means they could live there forever and not worry about downsizing,” he said.
1/15 DAVIES ST, BRUNSWICK
Meanwhile, a dated home “with a very Brunswick history” passed in under the hammer on Saturday after attracting a “handful” of interested parties throughout its campaign.
The three-bedroom houseis for sale for the first time in 40 years, in which time it was most significantly leased to a milk bar, but in recent years was also occupied by a tobacco shop.
Found in a prime corner spot, the property encompasses the shop on the ground floor, with an apartment above including three bedrooms, a living room, kitchen and bathroom.
AUCTION REPLAYS AND RESULTS
Walshe & Whitelock agent Peter Sowersby said he had about 50 groups through the home over its campaign, including buyers looking to convert it into a residential house, but also those wanting to reimagine the property as a commercial space.
“We’ve had some younger couples wanting to live above it while running a cafe or a deli, there’s a few options there,” Mr Sowersby said.
Despite this, only one bidder fronted up to the Saturday morning auction, where the property passed in on a $785,000 offer.
Mr Sowersby said further negotiations were currently taking place and he was hoping to notch a sale by the afternoon.
It originally had an $850,000-$900,000 price tag.
1 DWYER ST, CLIFTON HILL
Over in Clifton Hill, a three-bedroom home with Edwardian charm sold under the hammer for an undisclosed sum above its $1.495m-$1.64m asking price and $1.6m reserve.
The 1 Dwyer St pad attracted four bidders on Saturday morning, including two owner-occupiers and two investors.
Nelson Alexander Fitzroy agent Barry Hamond said a young couple won the keys to the stylish home, which had been “painted inside and out” with new flooring as well.
“They liked that it was a home on a corner and they can move in straight away,” Mr Hamond said.
He added that the property had been had been held as an investment for “many years”.
7 & 7A HIGHBURY ST, BALWYN NORTH
A top result was also seen in Balwyn North, where a six-bedroom house spread across two titles scored a $135,000 premium under the hammer.
The property was marketed as a development opportunity, with the block at No. 7 spanning 540sq m and No. 7a 621sq m.
Four bidders competed for the home on Saturday morning, before a buyer looking to knock down the existing property and build something new placed the winning $3.495m offer — a huge $135,000 above the $3.36m reserve.
Ray White Balwyn director Helen Yan said the seller was an investor and the property was popular due to its land potential.
26 EVELINE ST, BRUNSWICK
Back in Brunswick, a two-bedroom Victorian house notched a strong sale after passing in at its auction.
The 26 Eveline St abode was initially listed with a $1.25m-$1.35m price tag and had a $1.28m reserve.
A young couple showed up to bid on the property at its auction, which passed in on a $1.23m vendor bid.
However, further negotiations post-auction led to the $1.28m sale, which Nelson Alexander Brunswick agent Stephanie Hawke said was subject to finance from the buyer.
“The vendors are really happy, it was purchased by a nice couple upsizing from West Melbourne,” Ms Hawke said.
14 HAMMOND ST, THORNBURY
A four-bedroom, Californian bungalow-style home in Thornbury had a stellar result on Saturday afternoon after seeing 75 inspections throughout its sales campaign.
The 14 Hammond St property auction kicked off with a $2.4m vendor bid before two buyers competed for the keys in $25,000 increments.
A crowd of about 70 people watched on as offers rose to hit the $2.6m reserve, before they flew $190,000 over it to reach a mega $2.79m sale.
McGrath Northcote principal Gino De lesi said the vendors were a young family relocating, while the successful buyers were downsizing from another area.
“The vendors were pretty rapt with the result,” Mr De lesi said.
It was first listed with a $2.4m-$2.5m price tag.
EARLIER IN THE WEEK
A three-bedroom house in Upper Ferntree Gully with “unparalleled panoramic views” was one of many homes that notched strong midweek results under the hammer.
Ray White Ringwood director Chris Watson was at the helm of the $800,000 sale of 15 Fern Rd, which attracted a whopping nine bidders at its Wednesday auction as buyer competition heats up across the state.
The expansive 1414sq m property had a $750,000 reserve and was being sold by a young family who initially bought it as their first home, but were now upsizing.
Mr Watson said the successful buyer was an elderly lady looking for a home for her and her daughter.
“The place had amazing views, you can actually see Port Phillip Bay on a clear day,” he added.
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