Melbourne real estate auction blog: Livestreams and rolling updates from the auction market

A St Kilda East residence with torn carpets and peeling wall paint sold for $1.275m under the hammer on Saturday after three bidders fought for the property. Replay auctions here.

4 Shirley Grove, St Kilda East sold at its auction on Saturday.

A dilapidated residence in St Kilda East sold at its auction for a whopping $1.275m.

The four-bedroom house featuring torn carpets and peeling wall paint had three vying bidders looking to snap up the property set on an expansive block.

This comes as Victoria braced for its biggest weekend of auctions since March as sellers handballed their properties under the hammer a fortnight before the AFL Grand Final.

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PropTrack research revealed 1182 auctions were scheduled in Melbourne this weekend and 36 across regional Victoria — compared to 950 in the city (24 per cent) this time last year.

Mount Waverley is expected to have the most amount of auction action with 26, followed by Reservoir, 25, and Glen Waverley, 21.

PropTrack economist Anne Flaherty said spring was in full swing, as an increase of homes had been listed for sale.

“From the perspective of someone who is looking to buy, it’s a fantastic time,” Ms Flaherty said.

“We have had elevated numbers of properties for sale around Melbourne this year compared to what we would normally see; there’s a lot of choice out there.

“Arguably, Victoria is the place to be if you’re a first-time buyer right now.”

She noted that investors selling off their properties and flat home prices over the last 12 months were attracting buyers into the market.

Echoing Ms Flaherty, Real Estate Institute of Victoria president Kelly Ryan said there were plenty of opportunities to buy at the moment as a portion of investors were leaving the market.

4 Shirley Grove, St Kilda East

4 Shirley Grove, St Kilda East sold at its auction on Saturday.

A dilapidated residence in St Kilda East was offloaded for $1.275m after three vying buyers fought to snap up the property.

The four-bedroom house, featuring torn carpet and peeling wall paint, was listed with a $1.17m-$1.27m price guide.

Bidding began well below price hopes, starting at $900,000 and rose in $50,000, $25,000 and $5000 increments.

Peeling wall paint in the St Kilda East house.

Woodards Elsternwick auctioneer Sam Paynter said the home presented a “blank canvas” for the purchaser.

The St Kilda East digs has ornate ceiling roses, timber floors and fireplaces throughout.

6 ANN ST, PASCOE VALE

6 Ann St, Pascoe Vale sold at its auction.

An Art Deco house in Pascoe Vale sold for a whopping $185,000 above its on the market price at its auction.

The three-bedroom home surrounded meticulously landscaped gardens was offloaded for $1.385m after six bidders went head to head.

Its price guide while it was listed for sale was $1.1m-$1.2m.

Ray White Preston agent Ian Dempsey said the buyers were people he sold a home for last week who were downsizing.

“The rest of the bidders were young professional couples,” Mr Dempsey said.

“The seller had lived there for a long time, around 30 years, and they are moving to Castlemaine.”

1 AIKEN COURT, FERNTREE GULLY

1 Aitken Court, Ferntree Gully sold at its auction.

Five bidders fought for this three-bedroom house in Melbourne’s east which sold for $920,000 under the hammer.

The brick abode had initial $780,000-$850,000 price hopes and was offloaded for $70,000 above its $850,000 on the market price.

Ray White Ferntree Gully auctioneer Rene Mawad said the seller purchased the property two years ago in order to downsize, but had put it back on the market as she was moving to Queensland to be closer to family.

“The buyers were a young family who wanted low maintenance living. Most of our bidders were young families,” Mr Mawad said.

“There’s a lot of supply at the moment and it’s competitive for sellers. So it’s really important to price well, market well, and present well.”

AUCTION REPLAYS AND RESULTS

31 BURNETT ST, MITCHAM

31 Burnett St, Mitcham sold at its auction.

A Mitcham property on massive block sold for just $1000 more than the underbidder when it went under the hammer on Saturday morning.

PropTrack research revealed the four-bedroom house was the most-viewed property going to auction this weekend on realestate.com.au.

Sitting on an expansive 946sq m block, the brick abode’s initial price guide was $1.15m-$1.25m and sold for $1,364,500 — $114,500 above its reserve price.

Jellis Craig Whitehorse director John Stack told the Herald Sun earlier that 90 groups had inspected the home.

Built in the 70s, he added that the residence was in fairly original condition, and the purchaser could add value and personal touches with a renovation down the track.

“It ticks a lot of boxes,” he said.

The property was called on the market at $1.25m shortly after the auction began, and offers trickled down to as low as $500 increments towards the end.

15 GERBERA COURT, BLACKBURN NORTH

15 Gerbera Court, Blackburn North was passed in at its Saturday auction.

A four-bedroom residence in Blackburn North was passed in at its auction where bidders gathered inside away from the rain.

With initial price hopes of $1.6m-$1.7m, the property was passed in at $1.745m after competitive bidding from multiple groups.

Jellis Craig Whitehorse auctioneer John Stack said it was a “quintessential family home” and had been built to a high standard.

The auction began with a vendor bid of $1.6m but quickly rose from there, increasing in $25,000, $15,000 and $5000 increments.

The property was eventually passed in to the highest bidder at $1.745m.

53 SHIELDS ST, FLEMINGTON

53 Shields St, Flemington sold at its auction on Saturday morning.

A weatherboard abode in Melbourne’s north west sold under the hammer on Saturday morning for $1.3m.

Compton Green Inner West auctioneer Adrian Butera said the three-bedroom home was built more than 100 years ago and still held its character.

He added that the new owner could move in and enjoy the residence as it was, or add value to it with a renovation.

Mr Butera said its location was a “stand out” perched on Flemington Hill.

Bidding began at $1.05m and kicked off from there, rising in $10,000, $5000 and $2500 increments.

Multiple groups threw their hats into the ring, and the home was eventually sold for $1.3m — $150,000 above the top end of its $1.05m-$1.15m price range.

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Originally published as Melbourne real estate auction blog: Livestreams and rolling updates from the auction market