Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market

An eye-catching Mill Park home with an American-style diner and souped-up garage is still on the menu for homebuyers after its auction stalled. But other sales went into high gear.

A Mill Park house with an American-style diner is still on the menu after coming up short of the seller’s expectations at auction.

A Wheelers Hill homeowner has scored an unexpected million-dollar result after their property sold more than $300,000 above the price guide.

The shock result for the three-bedroom home emerged as property experts have tipped Victorian buyers to shrug off the market’s first real test since a 12th interest rate hike in 14 months.

More than 860 homes will go under the hammer around Victoria this week after just 354 went to auction in a quiet long-weekend seven days ago.

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Auctions will be streamed here via Gavl across the day, with updates from additional sales reported as well.

With low numbers last week, PropTrack figures show 65 per cent sold despite the Reserve Bank raising the cash rate to 4.1 percentage points on June 7, a full 3 percentage points higher than it was in April last year.

But with broking industry experts indicating a typical buyer has lost about $200,000 from their borrowing capacity, this weekend will be a more rigorous test.

AUCTION REPLAYS AND RESULTS

Real Estate Institute of Victoria president Andrew Meehan said with listings low across the market, he was confident stable prices and even modest home value growth in recent months would continue.

“I haven’t seen anything that has slowed the market yet, and it must get to a point where rates must have an effect on buyers,” Mr Meehan said.

“But it seems that with every rate increase buyers just factor it in to their buying decision. So it does seem there’s a reasonable depth to the buyers.”

26 WESTWOOD DRIVE, MILL PARK

Classic charm, but none of the issues of an older home, add to the appeal of this Mill Park oddity.

Multiple bidders and a bit of classic character in a modern home paired for a strong sale in one of Mill Park’s more sought after pockets.

And it came with a “Mike Tyson knockout” bid.

26 Westwood Drive went under the hammer as one of the suburb’s more unusual addresses as a double-storey terrace house in Victorian-era style.

Built much more recently, it offered buyers the best of old and new with a $645,000-$695,000 asking price.

With big numbers attending the home in the lead up to the auction there was enough activity for Barry Plant auctioneer Jay Moxon to have it on the market at $720,000.

Rapid-fire bidding after that quickly carried the price upward in $5000, then $2000 increments.

But a final $6k rise brought it to $795,000 in what Mr Moxon dubbed a “Mike Tyson knockout” bid.

The punchy offer worked, silencing the competition and ending the auction.

20 MANNA WAY, MILL PARK

20 Manna Way, Mill Park, has had interest from a number of buyers ahead of its auction.

Not even an American-style diner and a spacious garage complete with a vehicle hoist was enough to get buyers on the same page as the seller of a unique Mill Park home.

The four-bedroom house at 20 Manna Way went under the hammer via Barry Plant auctioneer Jay Moxon, and got off to a reasonable start with a $1.1m opening offer.

Mr Moxon called a break to talk with the vendor at $1.2m, the bottom of the auction’s price guide, but emerged with orders to take more bids.

He went in to see the vendor again at $1.35m, just above the quoted range, but there was no agreement to put the home on the market and bidding continued.

The home’s souped-up garage was a hit with buyers, but not enough to get a deal over the line.

Another break at $1.4m still didn’t convince the vendor and the home passed in for negotiations with the highest bidder.

Prior to the auction Mr Moxon said the home’s garage had been a particularly desirable feature for prospective buyers.

“We meet hubby and wife at the door and hubby just goes straight out the back,” he said.

46 GARDENIA ST, BLACKBURN

46 Gardenia St, Blackburn, had multiple bidders contest it in an auction that soared $200,000 past the seller’s expectations.

There was plenty of bidding for a charming Blackburn house in an enviable pocket of the suburb.

But Woodards Blackburn’s Luke Banitsiotis, the REIV’s current senior auctioneer of the year, had to show a fair degree of patience as the sale got off to a slow start.

Despite having more than 100 groups inspect the 46 Gardenia St property across a five-week sales campaign, buyers were initially reluctant and the bidding stalled on the $1.6m opening offer for a few minutes.

But once the auction got going it raced along, with multiple bidders rapidly topping each other and pushing the price to $2m.

The home was called on the market at that point, but the fast pace continued — albeit at smaller increments, many at just $1000.

The hammer came down at $2.196m, a full $200,000 beyond the top of the $1.8m-$1.95m price guide.

8/11-15 THE DEVIATION, WHEELERS HILL

Most buyers might have been expecting an sale in the vicinity of $775,000-$850,000 for a Wheelers Hill home.

But two parties clearly had other ideas and pushed the auction for 8/11-15 The Deviation from a $780,000 opening offer to a $1.125m sale far above the expected sale.

A light and bright interior appealed to multiple buyers.

Harcourts Judd White had the home on the market at $930,000, with an agent walking outside holding a sold sticker to make things clear to the bidders.

But the auction dragged on, with modest bids as low as $500 keeping it moving upwards.

Auctioneer Dexter Prack was forced to reject a $100 bid at one point and joked he would “miss the footy” if the two parties continued their slow progress.

The hammer eventually came down half an hour later and following more than 100 bids.

18 PERCY ST, NEWPORT

A charming facade and big block helped 18 Percy St, Newport, to a strong sale.

Multiple bidders turned out for this three-bedroom gem in the west.

With a $1.1m-$1.2m asking price it appealed as a charming family home near the Lakes Reserve on a 605sq m block.

But the property at 18 Percy St still got a $1m low-ball offer below the bottom of its quoted range to get started.

It took another four bids to hit the base of the guide, with a further six offers including some phoned in from a buyer who couldn’t be at the auction raising it to $1.2m.

But the bidding continued, with the home eventually climbing to a $1.3m sale.

Compton Green handled the sale and auction.

19 THE HAIG, EDITHVALE

Story book style helped this Edithvale home to a fairytale sale.

A knockout bid that added $60,000 to the price of storybook-style Edithvale house might have got the home instantly on the market, but it was still short of sale price that will go a long way to helping the owners live happily ever after.

Bidding for the four-bedroom house at 19 Haig Ave started at $1.15m, below the home’s $1.2m-$1.32m range.

It was still ambling along with offers ranging from $10,000 to $25,000, slowly rising to $1.34m, when one of the parties tried to scare off the competition with a $1.4m bid that had the buyers playing for keeps.

The buyers kept on and 19 bids later the hammer came down at $1.454m.

Harcourts Carrum Down’s Serena Cortese handled inquiries for the sale.

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Originally published as Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market