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Key points
- More than 870 Melbourne homes were scheduled for auction on Saturday.
- In Fitzroy a townhouse sold for $2,059,000 above its guide of $1.85 million.
Property listings
A four-bedroom Richmond home has sold for $4.35 million, almost $1 million above its advertised guide, after four buyers competed for the turn-key property on Saturday.
The house at 168 Brighton Street, which was renovated and extended a decade ago, was snapped up by a family looking to relocate to the area, Jellis Craig Richmond auctioneer Elliot Gill said.
They competed against three other local buyers for the keys.
The price guide was set at $3.4 million, revised up during the week based on a pre-auction offer. On Saturday, the reserve was set at $3.55 million by the vendors.
Despite the strong result, the auction got off to a slow start, with Gill forced to make a vendor bid of $3.2 million as shy buyers held back from making the opening move.
Bidding slowly moved forward, as two buyers made $50,000 bid increases, until the property was called on the market at $3.6 million.
Jellis Craig Richmond auctioneer Elliot Gill calls for bids during the auction in Brighton Street.Credit: Luis Enrique Ascui
Another two bidders then jumped in, upping the price in $50,000 and $10,000 increments, but ultimately lost out to the eventual buyers who ended the auction with a $70,000 knockout bid.
The auction was one of 873 scheduled across Melbourne on Saturday.
Gill said renovated homes were selling extremely well, as buyers looked to avoid the expense and time needed to renovate a property.
The Brighton Street home was popular as it had both Edwardian and contemporary features, offered plenty of space for working from home and entertaining, as well as a pool.
Gill said there was nothing else like it on the Richmond market at the moment.
“The under-bidders were left disappointed because there’s really nothing else to choose from on the market – especially for a period home over $2 million,” he said.
“We’ve seen just in the past three weeks during this campaign that a lack of stock has reset the market, and a couple of [renovated] homes have sold really well.”
Elsewhere, a “quintessentially Fitzroy” townhouse at 2 John Street sold under the hammer for $2,059,000.
The price guide had been set at $1.85 million based on a pre-auction offer in the lead-up to Saturday’s auction. The vendors did not set an official reserve, but were willing to take anything over that price.
Bidding started at $1.85 million and the property was called on the market at $1.86 million.
Bids of $10,000 flew as three parties competed up to the $2 million mark, after which it dropped to a two-person contest, with a final $1000 bid sealing the deal.
The townhouse was purchased by a young couple living in Carlton.
“They were delighted,” Jellis Craig Fitzroy’s Charles Atkins said. “Maybe down the track they’ll do some cosmetic works on the property.”
The property was last updated in the 1990s but had been kept immaculately since. It had mostly been used as an investment by the vendors, who owned it for more than 40 years.
Atkins said the home was popular given it had a “very Fitzroy vibe”, with a striking facade dating back to the 1860s.
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