By Sarah Webb
A striking four-bedroom townhouse with a gas-heated pool in Beaumaris fetched $2.13 million in post-auction negotiations on Saturday after just one downsizing couple stepped up for the keys.
The home was one of hundreds scheduled for auction across a rain-soaked Melbourne. But while the heavy clouds and light crowds painted a damp start to the spring selling season, prime real estate drew serious buyers, even if the competition was thin on the ground.
The near-new townhouse, at 3B Wall Street, was one such home, hitting its $2.13 million reserve after a strong sales campaign in which dozens of property punters walked through its doors.
Saturday’s auction kicked off with a vendor bid of $1.95 million, which was quickly followed by a genuine bid of $1.98 million. The auctioneer then threw down a vendor bid of $20,000 to take the price to $2 million. The home was passed in and sold soon after.
Co-selling agent Louise Herterich, of Buxton Real Estate, said it was a solid result underpinned by the home’s prime location, orientation and good land size, which hit the nail on the head for downsizers.
“It’s rare that you get a townhouse on a 460-square-metre block with the proportions of a house. That’s what set it apart from everything else on the market,” she said.
“And it perfectly suited the couple, who were progressional downsizers from Camberwell.”
The home was initially advertised with a price guide of $1.95 million to $2.05 million – which was increased to $1.98 million to $2.1 million just days out from the auction. It last sold almost seven years ago for $1.7 million.
Featuring landscaped gardens, high-end appliances and multiple entertainment areas, the home was a good example of top-performing stock, Herterich said. But she said it remained a slow start to spring.
She added that both her auctions had just one bidder each on Saturday, with limited stock bucking the typical seasonal uptick. However, October could feature a rush of new properties as vendors race to sell before Christmas.
The home was one of 1053 auctions scheduled in Melbourne on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62.7 per cent from 807 reported results, while 82 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Mathew Tiller, head of research at LJ Hooker Group, said on their end, listings were strong.
“Across LJ Hooker we saw appraisal requests rise between 12 and 15 per cent month on month in the lead up to spring. But it remains soft in terms of price growth,” he said.
“I think in general Melbourne’s market has been a bit more balanced between demand and listings … and our auction clearance rates are hovering around high 60s.
“There are pockets of good demand, particularly for well-located properties with realistic price guides.”
At 32a Darling Street in Fairfield, a young couple outbid two families for a 1970s home with retro vibes, paying a reserve-beating $1,555,000. The home was marketed with a price guide of $1.4 million to $1.5 million and had a reserve of $1.5 million.
It was being offloaded by investors who bought it five years ago for $1.21 million.
Selling agent Luke Sacco, of Nelson Alexander, said bidding for the four-bedroom home kicked off at a low $1.3 million, with a $100,000 vendor bid promptly following. The auction then took off between the three punters with a flurry of $10,000 bids until the young couple snatched the keys, ending a 12-month-long house hunt.
“They were very excited to get it … people just loved the space of this home, and it was on its title and had that retro feel,” he said.
In Bentleigh, a young family outbid a couple on a charming four-bedroom brick home dubbed “Four Winds”, paying $1.68 million in post-auction negotiations. It’s the first time the home has changed hands in 22 years.
Perched on a 626-square-metre block and a stone’s throw from Victory Park and a wealth of top schools, the home – at 18 Patterson Road – was advertised with a price guide of $1.53 million to $1.63 million and had a reserve of $1.68 million.
Bidding opened at $1.53 million on a vendor bid with the two bidders briefly duelling it out until $1.6 million when the home was passed in.
Selling agent Nick Renna, of Jellis Craig, said it was the space and proximity to schools that sealed the deal for the buyers, who also fell in love with the home’s block size and charming interior.
But he added Melbourne’s market remained a mixed bag, with a growing number of auctions being passed in and investors offloading their homes due to rising land tax.