Melbourne real estate auction blog: Livestreams and rolling updates from the auction market
A first-time home buyers couple went from nervous to euphoric after winning a fierce bidding war for their dream home in Melbourne’s inner-north amid pre-AFL Grand Final excitement, and speculation of a rate cut on the horizon. See the how the auction results went down.
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
First-home buyers have reigned supreme across Melbourne todays auctions amid a pre-AFL Grand Final home sales rush.
In a thrilling auction where emotions ran high between bidders, a three-bedroom, one-bathroom home at 5 Lanigan St, Fawkner sold under the hammer to a first-home buyer couple for an impressive $887,000 – over the home’s price guide of $730,000 – $790,000.
The auction, conducted by Ray White Coburg’s Raphael Calik-Houston, was marked by intense competition among the four registered bidders, all vying for the coveted keys to the property.
RELATED: Palazzo-like Melbourne home has James Bond-style garage
Alarming number of Victorians waiting for basic housing revealed
Friends with benefits: first homebuyers’ secrets to success
1,344 auctions headed to auction in Melbourne this weekend, a 29 per cent increase from last year.
It coincides with the United States Federal Reserve announcing an interest-rate cut this week that already has experts and buyers speculating of one on the way for Australians.
REA Group Economist Anne Flaherty said Australian Bureau of Statistics data showed the number of loans to first-home buyers had increased by 19 per cent in the past year as they snapped up a growing wave of investment properties being sold off by landlords.
“Buyers are in a very good position this spring – what we’re seeing particularly in Melbourne is that there are a lot of homes on the market at the moment,” Ms Flaherty said.
However, Ms Flaherty said it was a double-edged sword.
“Every renter who transitions into being a first homebuyer is one less renter – because we’re seeing such high levels of property investors selling that’s also creating pressure in the market,” she said.
She warned that while new homeownership is positive, the rental market would continue to face challenges for some time.
AUCTION REPLAYS AND RESULTS
COBURG FAMILY HOME PASSES IN: ‘NO TAKERS’
A four-bedroom, four-bathroom family home at 13A Glenora Ave, Coburg has passed in at auction for $1.42m.
The home has a price guide of $1.4m 0 $1.5m
The auction kicked off with a vendor bid at $1.4m, followed shortly by another vendor bid at $1.42m.
Ray White auctioneer Assan Alloche, known for his lighthearted approach with jokes, handled the auction.
He noted the ‘convenience’ of the property due to its proximity to public transport, schools, shops, and the Melbourne CBD.
“Your commute to around town has never been easier with this property – it’s not only about the location; the home has been built with attention to details,” Mr Alloche said.
“Can you put a price on the memories and convenience?”.
According to the property’s listing on realestate.com.au, the home boasts European oak engineered flooring that exudes elegance.
The corridor guides buyers to an open kitchen, dining, and family room featuring Smeg appliances, two-pack cabinetry and stone counters.
BALACLAVA HOME PASSES IN FOR $1.36M DESPITE BIDDING INTEREST
A three-bedroom, one-bathroom home at 21 Hawsleigh Ave, Balaclava has passed in under the hammer for $1.36m.
This was within the property’s price guide of $1.3m – $1.4m.
The auction began with an initial vendor bid of $1.3m.
A hopeful bidder quickly made a $1.32m increase, but it wasn’t long before another eager bidder upped the ante to $1.36m.
Despite the interest shown, the home was passed in shortly after with negotiations taking place with the highest bidder.
Woodards Carnegie auctioneer Ruth Roberts said the property holds significant potential, especially for those looking to create a home tailored to their needs.
“The home is begging for a young family or a young mature family to put their own stamp on the home,” Ms Roberts said.
“Many of the families who live in the street have been here for many years.
“Location remains a prime consideration for buyers, and Hawsleigh Ave is no exception – you really pay for what you can’t change, location is at the top of anyone’s list.“
In a bid to sweeten the deal and attract more interest, Ms Roberts offered a unique incentive – a chocolate house from Woodards Carnegie.
YOUNG BIDDER SNAGS CHELSEA HEIGHTS TOWNHOUSE FOR $797,000
A townhouse at 2/10 Fifth Ave, Chelsea Heights, sold at auction for $797,000, exceeding its price guide of $690,000 – $750,000.
The auction kicked off with a $720,000 bid from a young woman and climbed to the final sale price of $797,000 when it was called on the market.
Ray White Cheltenham’s director and chief auctioneer Kevin Chokshi said the home’s appeal for first home buyers, downsizers, or singles and expressed optimism about the property market.
“America has dropped the interest rates, whatever happens in America, Australia is usually six months behind,” Mr Chokshi said.
“I can’t make predictions on behalf of the Reserve Bank but I believe the worst is behind us, the next step is likely to be the interest rates coming down.”
FIRST HOME BUYERS OUTBID INVESTORS IN NAIL-BITING AUCTION
A young first homebuyer couple secured the keys to a three-bedroom, two-bathroom home at 25A Carmen St, Newport.
The home sold under the hammer for $792,500 – above the price guide of $700,000 to $770,000.
Four bidders battled it out for the keys to the home – two investors and two young couples.
One of the young couples who were first home buyers were the successful bidders in the nailbiting auction.
Compton Green Inner-West auctioneer Gerard Hannan said the location was really well received by buyers due to it being a prime location for young couples and families. “It’s exciting for me to help first home buyers purchase their first home,” Mr Hannan said.
“I remember when I did it myself, it’s one of the better parts of the job, watching them move in, start a family and see the whole life cycle eventuate.”
“A grade properties right now are going really well, buyers don’t have the fear of missing out anymore they have a fear of overpaying. He said if vendors have a B-grade property, on a main road or unrenovated, the property wouldn’t appeal to buyers as much.”
CARNEGIE COUPLE SNAP UP UNIT IN BENTLEIGH EAST FOR $1.18M
A young couple from Carnegie have just got the keys to their second home at 4/23-25 Schulz St, Bentleigh East.
The three-bedroom, two-bathroom house sold at auction for a whopping $1.18m.
Woodards Bentleigh auctioneer, Ben Quigley, mentioned that the beautifully renovated home was quite popular among buyers. “We had four bidders at the auction today and started with a bid of $1.05m,” Mr Quigley said.
“Homes that are well renovated and nicely presented are the ones pulling in interest. Anything that looks a bit worn out isn’t getting much attention.”
According to the home’s listing on realestate.com.au, one of the standout features, despite being a unit, is its three large living areas.
The two additional bedrooms come with built-in wardrobes and share a bathroom equipped with a bath, shower, twin vanities, and a separate toilet.
FIRST HOMEBUYERS TRIUMPH: EMOTIONAL COUPLE WINS BIDDING WAR
In a thrilling auction where emotions ran high between bidders, a three-bedroom, one-bathroom home at 5 Lanigan St, Fawkner sold under the hammer to a first-home buyer couple for an impressive $887,000 – over the home’s price guide of $730,000 – $790,000.
The auction, conducted by Ray White Coburg’s Raphael Calik-Houston, was marked by intense competition among the four registered bidders, all vying for the coveted keys to the property.
The auction kicked off with an opening bid of $720,000, and the initial phase moved at ‘lightning speed’.
“The first half of the auction went extremely fast from an opening bid of $720,000 to $850,000,” Mr Calik-Houston said.
“This rapid pace reflected the strong interest in the home and the competitive nature of the bidders.”
However, as the auction progressed, the pace began to slow, with bidders carefully considering their next moves.
“The tension in the air was palpable, and the atmosphere grew increasingly charged,” he said.
Despite the slowdown, the auction culminated in a fantastic final price of $887,000, much to the delight of the sellers and their agent.
Mr Calik-Houston observed that the successful first-home buyer couple were visibly emotional as they signed the contracts.
“The first homebuyer couple were shaking signing the contracts and were quiet at the start of the auction,” Mr Calik-Houston said.
“Their reserved demeanour at the beginning of the auction transformed into exhilaration as they secured ownership of their very first home.”
NEW OWNERS OF CHADSTONE HOME PLAN REBUILD DESPITE CONSTRUCTION CHALLENGES
A three-bedroom, one-bathroom home at 31 Margot St, Chadstone sold under the hammer for $1.2m - above the home’s price guide of $1m - $1.1m.
While other parts of Melbourne have seen speedy auctions today Margot St was a ‘slow burn’ and took a little bit of extra time to get to the end result.
Ray White Ashburton’s Max Hedley said once the bidding started the auction took off.
“I’m finding buyers being reluctant buyers and are waiting for things to pass in,” Mr Hedley said.
“If there are two people that are emotionally investors in the home, buyers are taking every chance they can take.
“The profit of doing renos is high right now and the idea of doing that can scare buyers off.”
Despite this, the new owners of Margot St plan on knocking down the existing home and building a new one.
The home sold $120,000 above the vendors expectations.
FAWKNER REIGNS SUPREME FOR FIRST HOME BUYERS AS ANOTHER HOME SELLS
A two-bedroom, one-bathroom home at 27 Queens Parade, Fawkner sold under the hammer for $589,000 to a first home buyer couple.
The auction opened with a bid of $500,000 before climbing up to the eventual selling price.
Ray White Coburg’s Raphael Calik-Houston said he was happy with the result and said with the increase in buyer demand this week there are growing expectations that a rate cut in the US could lead to one in Australia in the near future.
“Australia traditionally does follow the US at some point, there is good positive commentary to push the market trends,” Mr Calik-Houston said.
MORDIALLOC HOME SELLS FOR $1.805M
A contemporary five-bedroom, two-bathroom family home at 6 Hanlon Close, Mordialloc sold under the hammer for $1.805m.
There were five registered bidders with four active bidders participating in the auction.
Ray White Cheltenham auctioneer Greg Brydon said the auction started at $1.6m on an opening buyer bid.
“The buyer didn’t actually know where he wanted to start the bidding so I suggested $1.6m which he was happy with,” Mr Brydon said.
“He was very fierce in the bidding, it was called on the market at $1.75m and then two bidders slugged it out until the eventual sale price in $2,000, $5,000 and even $500 bids. Both were local families looking to upsize.
“The good family homes that are well presented and turn key are going really well but any compromised stock is really 50/50. Buyers are more cautious on anything that needs developing based on a number of factors including cost of money and availability of supplies and labour.
“Although developers are starting to come back because they feel like the market may kick and are wanting to purchase at this level with long settlements and look to sell at the end of 2025 or the start of 2026.”
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: Karl Stefanovic’s multimillion-dollar break-up
Melb suburbs where you’ll face the longest wait to buy
The Block St Kilda pad renovated by 2019 runners-up for sale
david.bonaddio@news.com.au
Originally published as Melbourne real estate auction blog: Livestreams and rolling updates from the auction market
Revealed: How $38m complex will transform affluent suburb
Work will soon begin on a $38m complex which will dramatically transform an “overgrown” site in the centre of one of the Gold Coast’s most affluent suburbs. FIND OUT MORE
Popular shopping centre to expanded after bidding war
A busy Gold Coast shopping centre in one of the city’s fastest-growing suburbs has sold, with plans to expand the complex to include a residential unit tower. FIND OUT MORE