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In numbers
- $1,955,000 – Sale price of a single-fronted, four-bedroom Port Melbourne home at auction on Saturday.
- $2,996,000 – Sale price for an Albert Park four-bedroom townhouse.
- 71 per cent – Melbourne’s preliminary auction clearance rate on Saturday
Property listings
In a spur of the moment decision, a couple dropped $1,955,000 on a Port Melbourne home at auction on Saturday, the same day they first laid eyes on the property.
Set across two levels, the north-facing four bedroom, single-fronted home at 279 Ross Street was freshly renovated. The property had been owned by the same family for about 100 years before the vendor bought it in June last year, renovated it and put the house back on the market.
It was one of 623 auctions scheduled across Melbourne on Saturday. Domain Group recorded a preliminary auction clearance rate of 71 per cent from 451 reported results, while 47 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
White Fox Real Estate senior advisor and negotiator Cheyne Fox said about 35 people attended open homes for the Port Melbourne property, but the winning couple only viewed it on Saturday before outbidding two other would-be buyers.
“The eventual purchasers hadn’t walked through it until 10 minutes before [the auction began],” she said.
“The first thing she said to me after the auction ended was, ‘Oh my gosh, I’m not dressed for photos’. They really weren’t intending on bidding.”
The Port Melbourne home sold for $1,955,000.Credit: Whitefox
The property had a price guide of between $1.75 million and $1.85 million. Fox declined to reveal the reserve.
The bidding kicked off at $1.8 million, with a buyer’s advocate (representing a couple) and another bidder driving the price up in $10,000 increments.
When the price reached $1.935 million, the eventual winning couple joined the two others in the bidding action and eventually secured the property at $1,955,000.
Fox said the couple had been actively looking in the area, and she had spotted them at other open homes.
“I’m absolutely thrilled they finally found their home. They were hugging the sold sticker, they were just beside themselves. It was a wonderful result,” she said.
In Albert Park, a couple with two sausage dogs snapped up a four-bedroom townhouse, making a final winning bid of $2,996,000 to beat three other bidders.
The couple made an opening bid of $2.5 million for the three-storey home at 7 Danks Street. The property was called on the market at $2.7 million after a quick succession of $20,000 offers.
Jellis Craig Port Phillip director Warwick Gardiner said the auction “flew” and was complete in just seven minutes.
“It was super quick,” Gardiner said. “The buyers were wanting to have an Albert Park bolthole because they have a property on the Mornington Peninsula.”
Domain chief of research and economics Dr Nicola Powell said the strong clearance rate followed consistent results for Melbourne this year.
“There is a smaller pool of auctions, which means buyers are having to compete for the quality stock that’s there,” she said.
While 10 consecutive interest rate hikes spooked the market, Powell said potential future increases were unlikely to have the same effect again, as property market players adapted to the new landscape.
“I’m not sure we’ll see that kind of jolting impact if the RBA goes through with more rate hikes. I think we’ve adjusted our mindset [and accepted] we’re in a tightening phase,” she said.
Elsewhere, two separate Coburg apartments, owned by two brothers, sold for well above their price expectations.
The first, a three-bedroom apartment at 63a Sydney Road, Coburg, sold under the hammer for $811,000. Eight bidders competed for the property, offered with a price guide of $650,000 to $670,000, and two men won.
The auction opened with a $650,000 bid, right on the reserve, and first home buyers and investors competed.
After 63a was sold, the neighbouring 61a Sydney Road was sold in an off-market deal, and two of the underbidders from 63a made offers.
The property, a little smaller than its neighbour, sold for $790,000 to a man planning to live there. It had been expected to sell in the low $600,000s.
Jellis Craig Brunswick director and auctioneer Mitchell Boys said the properties had recently been painted and had new carpet added, and 63a had some styling with furniture.
“What’s interesting is, prior to it being marketed and the updates, we tried to sell it and no one wanted to make an offer,” Boys said. “The presentation made all the difference.”
Over in Pascoe Vale, a first-home buyer paid $713,000 for a two-bedroom townhouse; $73,000 above reserve.
The sun-soaked modern home at 2a Dorset Road was built about 10 years ago. The house sold well above the guide of $590,000 to $640,000.
Ray White Pascoe Vale agent Stefan Stella said the buyer, a woman aged in her late 20s or early 30s, went head-to-head with another bidder to seal the deal.
Meanwhile, an investor paid $1,350,000 to buy a Templestowe Lower home – $250,000 above reserve – to outbid a first home-buyer.
The immaculate four-bedroom home at 22 Scarlet Ash Drive was set on a 659-square-metre block. The property had a guide price of $1.08 million to $1.180 million.
Ray White Manningham lead agent Harry Lai said more than 100 groups viewed the property, with potential first home buyers showing the most interest.
Lai said the sellers had lived in the home for 40 years and were downsizing.
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