A renovated Victorian terrace in Richmond sold for $2,269,000 at auction on Saturday almost 20 times more than what it last sold for about four decades ago.
Five eager parties competed in the rapid-fire and, at times, confusing auction for 257 Coppin Street, which last sold in 1986 for $116,500, records show.
Jellis Craig Richmond auctioneer Andrew Macmillan kicked things off with a vendor bid of $1.8 million for the three-bedroom home. A bidder jumped in straight away with a $1,885,000 counter-offer when the home was declared on the market and took off from there.
Offers were flying so fast that at one stage, the auctioneer and crowd lost track of what price bidding had reached.
The fiery auction came to an end after 120 bids, when the ultimate buyer, a local Richmond couple, placed a final $1000 bid to secure the keys to the single-fronted, park-facing property, which was built in the late 1800s.
“I’ve auctioned a lot of houses on Coppin Street at this end of the park, and they’ve always gone well, but this is way in excess of where my expectations were,” Macmillan said.
Jellis Craig Auctioneer Andrew Macmillan sold 257 Coppin St Richmond for $2.269 million with fierce bidding from various groups,Credit: PENNY STEPHENS
It was one of 772 properties scheduled to go under the hammer in Melbourne on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62.9 per cent from 579 reported results, while 60 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Footscray, an older couple moving from the regions to be closer to family were the sole bidders on a four-bedroom fixer-upper. The pair, who placed a single bid of $1.1 million bang on reserve, ended up striking a deal in post-auction negotiations.
Village Real Estate auctioneer Huss Saad said he hadn’t expected any parties to bid on 124 Eleanor Street and was pleasantly surprised when the buyers, from Kilmore, made the offer on the unrenovated property.
The home was passed in at $1.1 million but sold to the buyers post-auction for that price. It was listed with a price guide of $1.1 million to $1.2 million.
“It sold, which surprised us a little bit. We weren’t too sure whether or not we were going to have any buyers roll up,” Saad said.
“[The buyers were] an older couple who want to get closer to the city, and they don’t mind doing a bit of work because that house obviously needs a lot of work, but it’s something that they’re up for.”
Saad said the vendors had plans to knock down the property and build townhouses, but when the project fell through they decided to sell instead.
He added that soaring construction costs have deterred owner occupiers and developers alike from purchasing properties in need of renovation.
In Melbourne’s south-east, a couple looking for a local bolthole while building their dream home has purchased a Heatherton house for $1,055,000, outbidding two first-home buyers.
The four-bedroom home at 41 Golf View Road had a price guide of $880,000 to $950,000. Bidding for the property opened at $850,000 as the two first home buyers traded bids until $900,000. At this point, one bidder dropped out of the race, leaving room for the ultimate buyers to jump in.
The price rose in $20,000, $10,000 and $5000 increments until the property sold under the hammer for $115,000 above reserve.
Ray White Cheltenham auctioneer Angela Limanis said the buyers, who are local to the area and want to move into the property immediately, are in the process of knocking down and rebuilding their own home.
“They saw really good value in buying rather than renting,” Limanis said.
“[Heatherton] borders suburbs like Cheltenham and Moorabbin, but it is at a slightly different price point, which makes it really attractive for these families who want to still stay fairly close but get bucketloads more for their money.”
Meanwhile, a corner-store-turned-home in Brunswick sold to a local couple for $935,000 at auction.
Two parties turned out to bid on the four-bedroom property at 325 Albion Street, which was listed with a price guide of $850,000 to $935,000.
The young couple, from Brunswick, placed an opening bid of $850,000 before a second party, an investor with renovation plans, joined the race.
The two parties went back and forth until the ultimate buyers made a final bid of $885,000 where the property was passed in.
The highest bidders, who have plans to renovate the former corner store, offered an extra $50,000 in post-auction negotiations to purchase the property.
Nelson Alexander Brunswick auctioneer Peter Stephens said the property has been used as a residence for some time and was rented out by the previous owners.