By Alexandra Middleton
A local family has won the keys to a five-bedroom Yarraville home for $2.62 million after a marathon auction on Saturday.
Four fierce bidders placed offers on 29 Tongue Street, listed with a price guide of $2 million to $2.2 million. But the auction came down to just two parties who traded at least 100 bids between them.
One party – a buyer’s agent bidding on behalf of her client – kicked off the auction with a $2 million bid. Two other parties quickly entered the race where the trio exchanged $10,000 bids.
In a show of Christmas spirit, Jas Stephens Real Estate auctioneer Craig Stephens quickly donned a Santa hat and declared the home on the market as the price surpassed the $2.25 million reserve.
One bidder dropped out, leaving two fierce parties to trade $1000 bids for some five minutes, before a fourth bidder surprised the crowd by placing a $2.5 million bid. The auction stalled for a moment before the two parties resumed making counter bids back and forth.
After some 140 bids, the ultimate buyer – a family from neighbouring Kingsville – put forward a $3000 rise to purchase the home for $370,000 above the reserve.
Jas Stephens Real Estate auctioneer Craig Stephens sells 29 Tongue Street, Yarraville, on Saturday.Credit: Jason South
Stephens described it as the “auction of the year” for him.
“It was a unique auction, more than a hundred bids,” he said. “This market has been treading water for the last 12 to 18 months, but the good houses in the good streets are the first ones to go.”
Vendors Annie and Adrian, who declined to give their full names, told The Age they had lived in the Yarraville home for nearly three decades and were overjoyed that a young family would be moving in.
It was one of 1000 homes scheduled to go under the hammer in Melbourne on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 59.9 per cent from 862 reported results across the week, while 151 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
29 Tongue Street, Yarraville, sold for $2.62 million at auction on Saturday.Credit: Jason South
In Middle Park, an investor bought a single-fronted two-bedroom home for $1,722,500, beating out a couple and a first home buyer.
Jellis Craig auctioneer Warwick Gardiner kicked off the auction for 8 Fraser Street with a vendor bid of $1.5 million, before all three parties started trading $10,000 and $5000 rises.
Once the home surpassed its $1.6 million reserve, bidding slowed to $2500 increments until the house sold under the hammer to a local investor with renovation plans.
The Victorian-style property had a guide of $1.5 million to $1.6 million. It last sold for $116,500 in 1985, records show.
Gardiner said while investor activity has dropped off this year, he expects it will pick up ahead of predicted interest rate cuts.
Meanwhile, a five-bedroom home in Avondale Heights with a pool and tennis court sold to a young couple for $3,025,000, smashing the suburb’s previous sales record by almost half a million dollars.
Five parties turned out to bid on 14 Lorgrove Court, which was listed with a price guide of $2,350,000 to $2,585,000.
One party put forward an opening bid of $2 million, but Jellis Craig auctioneer Christian Lonzi rejected the offer for being under the price guide.
Lonzi placed a vendor bid of $2.35 million and the auction got moving, with all five parties trading $50,000 bids until the price hit $3 million.
From there, the underbidder – a family wishing to upsize – offered a $15,000 rise. Lonzi thought the auction was all over before the ultimate buyers, a couple from neighbouring Maribyrnong, put forward another $10,000 to purchase the spacious home for $275,000 above its $2.75 million reserve.
Lonzi said the “really special” home was a lifestyle property that had attracted interested families from across Melbourne.
“I really believe the home deserved [the price] it got. It’s one of the most special homes I’ve sold.”
The result smashed the previous Avondale Heights record of $2.54 million, which was set in 2021 by 104 Templewood Crescent.
In Frankston North, a first home buyer purchased a three-bedroom home for $550,000, beating out three others, including interstate investors.
Four parties turned out to bid on 71 Monterey Boulevard, which was listed with a price guide of $500,000 to $550,000.
An investor put forward an opening offer of $501,000 before a bidding war ensued between the four parties, with bids quickly climbing in various increments.
The house ultimately sold under the hammer to a first home buyer from Frankston for $5000 above its $545,000 reserve.
O’Brien Real Estate Frankston’s Mark Burke said the home’s price point was attractive to first-time buyers looking to purchase a standalone home in the area.
It last sold for $77,000 in 1999, records show.