A young family paid $6,601,000 for a stylish six-bedroom house with a swimming pool in Brighton East at auction on Saturday, beating two other bidders.
A crowd gathered to watch a 45-minute battle between bidders for the keys to 23 Lucas Street, which was listed with a price guide of $4.9 million to $5.2 million.
It was one of 1282 auctions scheduled in Melbourne for Saturday. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 61 per cent from 898 reported results, while 98 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding began at $5.2 million and no vendor bids were necessary as the three parties battled it out for the 924-square-metre block. The reserve was set at the top of the price guide.
A young family bought the McKimm-built home from downsizers whose children had grown up, selling agent Nick Johnstone of the eponymous real estate agency said.
“It was a beautiful home and it’s 20 years old… it was a really good, family-friendly street,” he said, adding it was close to shops and the park.
“It just ticked all the boxes.”
He said the market is mixed. “For something like this, it’s very good,” he said.
“Good homes, really-good locations, well built, are going well, but apartments are getting hard at the moment because there’s so many of them.”
Elsewhere, a young family beat five other bidders, securing their dream four-bedroom home in Patterson Lakes for $1.058 million, $68,000 more than the $990,000 reserve.
Huddling under the carport to escape the rain, about 80 people – including neighbours of 10 Binda Crescent - witnessed the 30-minute auction which selling agent Daniel Wright of Buxton Chelsea described as intense.
“We had really good bidding. There was plenty of energy and fierce competition. After we reached the million-dollar mark though it went up by $1,000 bids, so it took a while,” he said.
While the reserve sat under the million-dollar mark, the bidding saw the price rise upwards – a result Wright was pleasantly surprised by and fuelled by young family bidders who saw the opportunity to secure a home in a “real lifestyle market.”
“10 Binda Court has four beds, lounge, separate dining and family room, two bathrooms and is close to the freeway so it’s an ideal lifestyle market for families, and with an affordable price,” Wright said.
The lifestyle factor has been a big pull for the Patterson Lakes market, he said.
“Being close to the freeway means there’s a gateway into the city but also the Mornington Peninsula. And being close to Patterson River which is popular for boating, and its walking trails is attracting a lot of young families.”
LJ Hooker’s head of research, Mathew Tiller said that auction volumes were up from last week, and auction clearance rates held up quite well.
“The agents that I spoke to reported that there was still good attendance both in open homes and at auctions in Melbourne,” he said.
While these numbers were a “little thinner on the ground” than a few weeks ago, Tiller says that this isn’t because of a drop in buyer activity or levels, but rather more choice.
“Listings have increased so there is more choice for buyers. However, attendance is still at an above-average level and anything above 60 for clearance rates is quite positive especially at this time in the market as we are seeing such a rise in listings,” he said.
Over in Delahey, a first home buyer beat out three other active bidders to secure 8 Cassinia Close for $785,000.
With a price guide of $630,000-$690,000, this result was well above the figure expected. The reserve was $685,000.
“The auction was fast-paced, starting at $550,000 it flew up to $710,000 very quickly in $20,000 increments,” says selling agent, Ray Mirza of Main Road Real Estate.
It is the first time the four-bedroom, Federation-revival home has hit the market, with the owner-builder living there for the past 26 years.
“There was a lot of love in the home. It was looked after meticulously,” Mirza says.
Younger families made up the majority of active bidders and the six others registered, with the property’s amenities – including multiple living areas and a large backyard - all major drawcards.
The convenient location – close to the Calder Freeway, schools, and shopping centres - also attracted interest, he said.
“There’s a lot of buyers out there looking for a family home in the Delahey area at the moment,” he said.
At 5 Lanigan Street, Fawkner, a “fast and aggressive auction” saw the newly-renovated weatherboard home sell for $887,000, compared to the $730,000 -$790,000 price guide. The reserve was $820,000.
“The auction was really, really good,” said selling agent Raphael Calik-Houston of Ray White Coburg.
“We saw a huge crowd with a range of young couples and smaller-sized families. Six had registered but only three put their hand up.
“The bidding kicked off at around the $730,000 mark and went in tens until around $850,000 and then we dropped down to $5,000s and then $1,000 which ultimately finalised that price.”
The landscaped, three-bedroom house, originally built in the 1960s, sits on a 628-square-metre block and was sold to a young couple purchasing their first home.
“It is a beautiful family home- renovated, landscaping, everything – ten out of ten,” Calik-Houston said.
With Elizabeth Redman