This weekend Melbourne recorded a clearance rate of 71 per cent, compared to 68 per cent last week. There were 953 auctions held on the weekend with 675 properties selling and 278 being passed in, 134 of those on a vendor bid. In addition to the auctions, there were 362 private sales reported
The clearance rate was an improvement on last week’s low of 68 per cent, and the market is currently enjoying a nice balance between vendors and buyers. Vendors are keeping their price expectations in check to keep up with the demand of buyers who are showing that they will walk away from properties that have unrealistic prices.
The affect of the Reserve Bank of Australia’s decision last week to keep the cash rate at 2 per cent should start to reveal itself in the coming weeks. Will it have an effect on buyer’s decisions to purchase? This is unlikely, however it might create more conservative buyers.
There are an expected 8,000 auctions to be held in Melbourne in the lead up to Christmas, and we expect to see some strong results.
Auction Results
1 Dickson Street, Kingsville. Passed in.
This solid brick, superbly renovated 2 bedroom home located in a quiet cul de sac is a unique offering. The home comes with a fully-furnished and self-contained unit next door, making it an astute investment option as well as stylish urban residence. The small crowd that assembled were not very responsive to the auctioneer’s attempts to attract bids. After struggling to get the auction started, a vendor bid of $800,000 was made and from there only one bidder put their hand up with an offer of a $25,000 rise. The property was passed in for $825,000 and further negotiations failed to meet the reserve.
1/69 Spray Street, Elwood. Sold for $630,000
The auction of 1/69 Spray Street, drew a large crowd and competitive bidding. The location of this property is highly sought after being walking distance to Elwood village and Elwood beach. The large, renovated, ground floor apartment with balcony and car parking did not under deliver. It was obvious from the strong opening bid of $570,000 which knocked a few potential purchasers out, but failed to knock out another four bidders who were also hoping to secure the property. In the end, the property was knocked down to a determined lady for $630,000.
10 Maple Grove, Toorak. Sold for $8,350,000
This 1930s art deco house with 5 bedrooms sold on Saturday for more than $1 million above the reserve. A crowd of 70 gathered for the auction, with only four people willing to make bids on the prestigious property located amidst leading schools, exclusive entertainment and shopping districts. One man in a suit made the first offer of $6 million, before two other men talking on phones took over. The auctioneer sought instructions from the vendor, and announced the property on the maket at $7.3 million. From there, it was a buyer’s agent who placed the final bid to secure the property for a local family.
This weekend Melbourne recorded a clearance rate of 71 per cent, compared to 73 per cent last week. There were 1358 auctions held on the weekend with 964 properties selling and 394 being passed in, 181 of those on a vendor bid. In addition to the auctions, there were 383 private sales reported.
Clearance rates have eased since the autumn highs of 77 per cent to 81 per cent, and have continued to remain steady around the low 70 per cent range. As expected, the high volume of choice has resulted in more auctions with only two bidders, instead of the five or six bidder auctions experienced earlier this year.
With talk of prices rising in Melbourne next year by between 5 and 7 per cent, buyers are highly motivated to secure their purchase now.
Has your suburb been included in this list of suburbs that have doubled in property value in the past decade? St Kilda West and Mont Albert have topped the list with their median house values increasing over 200 per cent since 2005.
We would like to thank everyone for their support and kind words about Kim Easterbrook becoming a finalist for the 2015 REIV Awards for Excellence in the category of Buyer’s Agent of the Year.
Next weekend, there is an expected 550 auctions to be held. This is the largest number of auctions held on Melbourne Cup weekend, and more than double the number held on the same weekend last year.
Auction Results
1/35 Hill Street, Hawthorn. Sold for $570,000
Around 30 people attended the auction of this two bedroom ground floor apartment. The large courtyard and private access directly from the street held a lot of appeal as the apartment itself was still in need of some updating. The bidding was opened by a young man around the price quoted prior to the auction ($500K) and a second bidder didn’t waste much time joining the action, going back and forth in $10K rises until it hit $540K. The auctioneer then agreed to accept rises of $5,000 up to $560K where the second bidder dropped out. The auctioneer conducted the customary half-time break and upon return when there were no further bids, the property was passed in to the initial bidder for negotiation.
10 Heather Court, Hawthorn East. Sale price undisclosed.
Steve Abbott of Jellis Craig opened the auction of Heather Court reminiscing about an auction at the same address 8 years earlier when the property was just a dilapidated old brick home. Since then the new owners have largely rebuilt and the end result is a stunning custom designed home with quality finishes. On about 451m2 it is not a massive property but in the heart of Hawthorn East’s family precinct, it is one that is highly sought after. With an opening vendor bid of $1.75m the mostly Chinese crowd remained silent forcing Abbott to deliver another 2 vendor bids before retiring inside for instructions. Once back in front of the relatively small crowd of about 40 or so onlookers Abbott finally received a genuine bid of $1.84m. Another man then offered $1.9m – but that was to be his only bid – leaving the first buyer the advantage of only needing one further bid at $1.92m before the property was passed in to him.
19 St Georges Avenue, Mont Albert. Sold for $1,400,000
Built in 1886, this beautiful church has been treated to architectural design that transformed the property into a majestic three bedroom, two bathroom home. Some of the 80 onlookers at the auction had been married or christened at the property. Downsizers at the auction were keen to put their hands up, and the auctioneer had no trouble getting a $1.1 million offer from one couple. However three other groups joined in to try to gain the keys, helping the price grow. It was a local buyer who managed to outbid their competition, for the price of $1.4 million.
This weekend Melbourne recorded a clearance rate of 74 per cent, compared to 72 per cent last week. There were 1101 auctions held on the weekend with 816 properties selling and 285 being passed in, 124 of those on a vendor bid. In addition to the auctions, there were 371 private sales reported.
The September quarter results have been announced, and there is a new record for median house prices in Melbourne’s property market, with an increase in median prices to $729,500 in the three months to September 30th. The median apartment prices also increased by 2.6 per cent to $532,000. Houses in the middle and outer suburbs experienced the strongest growth – up 4.4 and 5.1 per cent respectively.
Bayside suburbs have attracted strong competition in recent months, with Brighton, Seaford and Dromana topping the list for price growth in the September quarter.
These results are a clear indication of a high level of buyer confidence, whilst sellers are also benefiting from large numbers of auctions, strong clearance rates and lower interest rates.
Westpac’s decision to increase mortgage rates by 0.2 per cent has appeared to have little effect on buyers as yet. Next weekend there is an estimated 1500+ auctions to be held across Melbourne. A busy weekend that will no doubt test the strength of the market once again.
Auction Results
37 Leopold Street, South Yarra. Sold for $2,550,000
Just metres from the Botanic Gardens, this derelict terrace which once housed squatters sold for $600,000 above reserve. As one of the last unrenovated properties in the Domain precinct of South Yarra, this terrace house attracted plenty of building inspections and architect visits with potential buyers in the lead up to the auction. The first vendor bid of $1.5 million was met with $25,000 rises from different directions. Six bidders joined in the heated contest, until the hammer was finally brought down to a local South Yarra family for $2.55 million in front of a crowd of 150 onlookers.
71 Chapman Street, North Melbourne. Sold for $2,780,000
Set on over 500 sqm of land, “KURRAJONG” presents a mix of period grandeur, extended design and family flexibility within this four bedroom Victorian. With a quote prior to auction of $2 million to $2.2 million gave some direction for the crowd after the first offer of $1.9 million kicked off the auction and the auctioneer bravely asked for rises of $100,000. The bids came from several directions, and at $2.45 million the property was on the market before the final bid of $2.78 million was accepted, and the keys were won by the last group to enter the bidding.
8 Balmoral Street, Essendon. Sold for $1,520,000
A versatile design, multiple living zones and leafy garden surrounds makes this 5 bedroom family home with an pre-auction quote of $1.24 million to $1.4 million, a very attractive piece of real estate. The auction was extremely competitive, with four bidders throwing their hands up more than 50 times between them. The bidding slowed down to rises of $2500 before finally being announced “sold” to a family who joined in the bidding quite late, for $1.52 million.
This weekend Melbourne recorded a clearance rate of 74 per cent, compared to 76 per cent last week. There were 1113 auctions held on the weekend with 819 properties selling and 294 being passed in, 120 of those on a vendor bid. In addition to the auctions, there were 433 private sales reported.
The REIV has reported that September held several auction records compared to the same time last year:
– auction volumes increased by 38 per cent
– property listings increased by 35 per cent
– there were around 10,700 residential sales in Victoria, (an increase of 6 per cent).
– auctions comprised about 30 per cent of sales in September with approximately 4,120 auctions held, and the overall clearance rate was a solid 74 per cent.
This weekend’s results reveal that downsizers are creating a large pool of family homes flooding onto the market this spring, as people in their 50s and 60s are taking advantage of strong price growth for their family homes. This activity has also created a higher demand for single-level compact homes such as villas and period cottages.
The upsizers – families needing to upgrade to a three or four bedroom house, are enjoying the extra choice in available stock made possible by the increased buying and selling by baby boomer property owners.
We are also proud to announce that Kim Easterbrook has been named as a FINALIST in the category of ‘Buyer’s Agent of the Year’ in the REIV 2015 Awards for Excellence. The awards will be held on Thursday 22nd October.
With such a healthy market at the moment, we are looking forward to two consecutive super Saturday weekends scheduled for the coming fortnight.
Auction Results
9 Tahara Road, Toorak. Sold for $4,905,000
Gerald “The Bull” Delany introduced 9 Tahara Court, Toorak to a mixed crowd of developers, home site buyers and onlookers. The tired but expansive 1980’s built home attracted a bevy of well-known and well-heeled Melbourne estate agents, one of whom opened the bidding at $4.1m (Kay and Burton’s quote was $4M+ for the just under 700m2 holding). The bidder didn’t have to wait long to have his bid countered as two, then three further bidders joined the party. The property was on the market at $4.5m and it was on. Aggressive bidding by the first bidder, appearing to have a client on the end of a phone, soon outbid all but one competitor who was not letting go easily. The lady, an Asian woman was almost as aggressive as he was, and her patience and steady bidding soon paid off when he was out at $4.905m. “The Bull”, at his finest, slammed the gavel down and the keys to the single level family home were once again exchanged.
6/50 Leura Grove, Hawthorn East. Passed in at auction.
A small group of around 15 people gathered in the shade of the large trees lining Leura Grove as the auction for the two bedroom top storey apartment went under way. One of only twelve in the development with a lock up garage and views of the city, it was surprising that less people had come to see the action. The auctioneer was met with nothing but silence as he asked for the first bid, eventually placing a vendor bid of $500,000 in the hopes it might entice someone to throw their hat in the ring. After a brief ‘half-time break’, the auctioneer was very pleased to find a bid of $5,000 from a lady avoiding the hot sun. When no one would offer a competing bid, he placed a second vendor bid of $520,000 and passed the property in to the crowd.
24 Union Street, Williamstown. Sold for $870,000
This recently renovated double-fronted Victorian in the historic part of Williamstown has three bedrooms and a freshly modernised bathroom and kitchen. The pre-auction price guide of $780,000+ was an attractive price for two would-be buyers who put their hands up at the auction. An opening bid of $780,000 fuelled the competition, and when the auctioneer asked for a $20,000 rise, he got it. But the power bids between the two parties was short-lived because at $820,000, the increments dropped to $10,000. The auctioneer stepped inside for instructions when the auction stalled at $870,000, and returned to announce the property on the market. No further bids were made, and the hammer was brought down at $870,000.
This weekend Melbourne recorded a clearance rate of 74 per cent, compared to 76% last week. There were 993 auctions held on the weekend with 732 properties selling and 261 being passed in, 111 of those on a vendor bid. In addition to the auctions, there were 370 private sales reported.
The latest ABS data released last week has revealed that house prices in Melbourne are again on the increase. After it was thought that Melbourne prices had peaked in March 2014, the latest reported quarterly growth of 4.2% in June was the biggest in Melbourne since March 2010.
Furthermore, the ABS has reported that Victoria (and NSW) are both creating more employment opportunities and are subsequently attracting both people migrating from overseas and interstate, which is trending as a shift away from the mining states. With higher population growth comes more demand for housing, which is one of the factors affecting higher property values in Melbourne.
A new record was reached in Mount Waverley, when a Regent Street property sprawling some 4097 square-metres was sold during post-auction negotiations for approximately $6 million. A developer won the right to negotiate after a bid of $5.55 million did not meet the reserve, and none of the 3 other bidders put their hands up. The new owner is yet to decide on the future of the property.
Next week, due to the AFL Grand Final there are approximately 65 auctions expected.
Auction Results
35 McConnell Street, Kensington. Sold for $1,451,000
This double-fronted re-designed three-bedroom two-bathroom period home immediately appealed, attracting a 70 strong crowd to the auction. An opening bid of $1.2 million was slightly lower than the quoted figure of $1.25 million to $1.3 million prior to auction, but it was enough to enliven the crowd with four bidders stepping in to the ring and pushing the price up to $1.4 million, when it was announced on the market. The first bidder stepped down, and it was the last party who joined the bidding whose strong bidding tactic was persistent enough to walk away with the keys for $1,451,000.
28 Cunningham Street, South Yarra. Sold for $2,230,000
On the market for the first time in half a century, this “diamond in the rough” presented in original condition in a sought after South Yarra location, had a crowd of 70 people attend the auction. The opening bid of $1.5 million started proceedings, and with an onslaught of $50,000 rises it wasn’t long before the property was on the market at $1.9 million, at which time the first bidder dropped out leaving two other parties to continue bidding. The auctioneer was keen to use first names, and he enjoyed the rivalry between bidders Chris and Barry, but it was Barry who bowed out first at $2.22 million, leaving Chris to take ownership for $2.23 million.
129 Park Drive, Parkville. Sold $3,520,000
A prestigious Parkville residence c1879, on two titles featuring a substantial landscaped garden and extra-wide double frontage with rear access, had a price guide of $3 million+. On auction day the opening bid came from a woman offering $2.8 million before the auctioneer had even completed his opening spiel. A man raised her bid by $100,000, spurring the woman to fight back; their bids quickly sailed into the low $3 millions. A third bidder then joined in, but it was the original lady who outshone her rivals and excitedly secured the home at $3.52 million.
As more stock arrives on the Spring market, auction listings are also up by 20 per cent on 2014 figures. This weekend Melbourne recorded a clearance rate of 75 per cent, the same figure achieved last week. There were 1007 auctions held on the weekend with 759 properties selling and 248 being passed in, 92 of those on a vendor bid. In addition to the auctions, there were 380 private sales reported.
In the year to date, there have been 25,800 auctions held in Melbourne – the highest on record for any year. And it is good news for buyers who can enjoy the choice in properties available during the peak season of the year.
Lower clearance rates and a slowing down of price growth indicates that the market has somewhat stepped off the peddle, and vendors will need to readjust their expectations with more realistic prices if they want to sell.
The higher interest rates for investor loans has had an effect on the market, while opening up the door for owner-occupiers to jump in. Suburbs in the outer Northern and the inner, middle and outer Western areas of Melbourne have seen buyers have a stronger influence on prices.
Auction Results
10 Frampton Street, St Kilda. Sold for $1,610,000
With the original house dating back to 1854, this property has been magnificently transformed into a clever, contemporary 3 bedroom home that reflects today’s modern lifestyles. The auction began with an opening bid from a man for $1.2 million, which was a low start considering the price guide was $1.5 million+. A second and third man stepped in and the price was pushed up to $1.59 million when the auctioneer announced “we are playing for keeps”. It wasn’t long before the truly unique property was sold for $1.61 million to applause from the crowd.
32 Heyington Place, Toorak. Sold for $4,605,000
In a highly sought after location and on an allotment of 708sqm, this four bedroom, two bathroom Georgian home with underground garages attracted around 100 onlookers to view the auction. The property has been with the same family since it was built in 1961, and held a price guide of high $3 millions+. The first bid to be placed at the auction was from a man offering $4 million, and this awakened the crowd as four other bidders emerged. Rises of $50,000 switched to $25,000 and then less, as a woman beat the other hopeful owners, to secure the home at just over $4.6M.
1 Barkly Street, Brunswick East. Sold for $3,400,000
A deceased estate sale of an Edwardian relic that has never been renovated, on a huge 1260 sqm block was the setting for a very popular auction on Saturday. A crowd of nearly 200 people gathered to see if the grand home, Glenvale, would sell for the first time in its 105 year history. It was an attempted knock-out bid of $2 million that began the auction and immediately put the home on the market. Hotly contested between five bidders including the local church and a developer who enjoys heritage property, the latter managed to secure the keys in a result that was beyond expectation to all.
A clearance rate of 76 per cent was recorded in Melbourne, compared to 77 per cent last week. There were 841 auctions held on the weekend with 643 properties selling and 198 being passed in, 76 of those on a vendor bid. In addition to the auctions, there were 410 private sales reported.
As we step out of the colder months, so too are the buyers ready to welcome quality Melbourne properties onto the market. During the traditionally non-peak winter months, the market was tested with almost 500 extra auctions added, rising to 11,257. An overall winter clearance rate of 77.4 per cent proved that buyers were ready to get a jump-start on Spring.
The REIV have reported that Bentleigh had the highest clearance rate in August (95 per cent), followed by Glen Iris and Caulfield South (both 91 per cent). As September begins to unfold, it will be interesting to see if these hotspots remain, or new ones emerge.
More than 3,600 auctions are expected this September, which is a much higher number than the figures from the same month last year. This early-Spring market is showing signs of offering some great quality stock, with a range of big period homes in some of the best streets, arriving on the market.
We are looking forward to next weekend with an expected 1000+ auctions scheduled.
Auction Results
64 Dickens Street, Elwood. Sold for $1,372,000
This three bedroom “renovators delight” is located just a short walk from the beach and amenities, suffering from “worst house on the best street syndrome” as the auctioneer Tony Pride put it. Despite Tony’s great opening spiel, the audience of around 70 people were reluctant to participate, so a $1.1 million vendor bid was made. The bids started flying from different sections of the street with three bidders pushing the price to $1.24 million when things came to a halt. After a quick half time break and announcement that the property was not on the market, the under-bidders sped off in their Porsche as fresh bids began to fly again with two new bidders. The house was announced on the market at $1.32 million and sold shortly after for $1.372 million.
1 Peacock Street, Brunswick West. Sold for $905,000
On a large corner block, this three-bedroom California bungalow with a quote prior to auction of $840,000+ held appeal for families as well as developers. The auctioneer offered a vendor bid of $780,000 to begin the auction, which prompted three other bidders to make offers before everything slowed to a halt. A second vendor bid of $820,000 tried to stir things up again, but it was very slow going. At $850,000 the auctioneer consulted the vendors, but the property ended up passing in and was later sold for $905,000.
7 Maroona Street, Brighton. Sold for $1,625,000
This charming Californian bungalow that’s been in the one family for 60 years is full of potential, with four bedrooms and two bathrooms. A conservative vendor bid of $1.2 million began the auction, and was quickly responded to with an offer of $1.25 million by a gentleman in the crowd. Another bidder joined in with a $25,000 rise, but did not last long and dropped out after only a few bids. Two other parties stepped in and put up a good fight until one of them bowed out $4000 short of the final bid. The new owners of the home ended up paying $265,000 above the reserve to secure their piece of Brighton real estate.
A clearance rate of 78 per cent was recorded in Melbourne, compared to 73 per cent last week. There were 950 auctions held on the weekend with 741 properties selling and 209 being passed in, 89 of those on a vendor bid. In addition to the auctions, there were 371 private sales reported.
Conditions have been looking good for buyers as we head into spring – with low interest rates and more stock arriving on the market, there should be some great results in the coming weeks. In comparison to the volatile share market of late, property is being seen as a more stable option for investors.
The market is heading into a string of 1000+ auction Saturdays, and there will even be multiple weekends between September and December that host over 1500 auctions.
Winter listings have been up by 20 percent on 2014 figures. The opening weekend of the spring selling season will see over 850 properties go under the hammer next week.
Auction Results
86 Morris Street, Williamstown. Sold for $1,803,000
A well located home with views over parkland and the bay, and with a price guide of $1.4 million+. This three bedroom, two bathroom home was the scene of a heated auction on Saturday. An opening offer from one woman of $1.3 million began proceedings, and was met by a counter offer of $1.35 million. The two bidders locked horns and continued with rises of $50,000 until the price reached $1.62 million, when the property was announced on the market. The second bidder reluctantly bowed out at $1,802,000 allowing the first bidder to claim the views for only $1,000 more.
21 Joy Street, South Yarra. Sold for $1,303,000
An inspired and innovative conversion of an original c1900s stable, this sensational warehouse style residence with off street parking proved to be a popular choice as the crowd gathered awaiting the auctions start. At least six people from the audience wanted to get their hands on the property, which is on the verge of Hawksburn Village. A vendor bid of $850,000 immediately warmed the crowd up with the home reaching $1 million after only four bids. One man practised his golf swings as he called out more than 30 offers. But it was another super keen bidder equipped with his cheque book who was prepared to pay more than $300,000 above the reserve for this one bedroom warehouse-style house.
86 Malin Street, Kew. Sold for $3,225,000
This renovated Edwardian’s superb combination of charming period grace and stylish modern functionality is found on a deep and wide allotment of 836 sqm. A well landscaped block situated close to Kew’s private schools and shops was unsurprisingly over-run with families inspecting the three-bedroom home. A vendor bid of $2.4 million kicked off the auction in front of a crowd of over 90 people. One man jumped straight in with a $50,000 rise before a second vendor bid was made. Despite three other buyers attempting to win the home, the first bidder held strong and secured the keys at $3,225,000.
Have you noticed more “for sale” or “forthcoming auction” signs going up around Melbourne last week? That’s no surprise, as the listings are readying for a very busy spring selling season. A clearance rate of 74 per cent was recorded in Melbourne, compared to 76 per cent last week. There were 770 auctions held on the weekend with 569 properties selling and 201 being passed in, 80 of those on a vendor bid. In addition to the auctions, there were 414 private sales reported.
Last week’s auction results saw Melbourne beat Sydney’s clearance rate for the first time since May 2013. As Melbourne emerges from the winter period, buyer demand will be put to the test.
Next week there are more than 1000 auctions scheduled. This makes a new record, as this is the first time that more than 4000 homes are going under the hammer in Melbourne in the month of August.
Auction Results
98 Beach Street, Port Melbourne. Sold for $2,198,000
The idyllic lifestyle offered by close proximity to the beach and cafes of Port Melbourne wasn’t the only thing attracting a crowd to this property on Saturday. The vendor’s of this property were champion jockey Damien Oliver and Fiorente’s part-owner John Bongiorno. The opening offer of $1.85 million was made by a downsizer, who soon dropped out when a couple and young family stepped into the ring. After a slow auction and a close finish, the young family walked away with the keys for $2,198,000.
31 Johnson Street, Northcote. Sold for $1,070,000
Two bedrooms and one bathroom in a prime location near High street, trains, trams and leafy parkland, this renovated Edwardian held lots of appeal. A genuine bid of $800,000 kick-started the auction and ignited some serious competition between two would-be buyers. The price quoted prior to auction was $900,000+, and it was eventually announced on the market at $950,000 before a late-comer took the title of “new owner” after making only a couple of bids. The property sold for $1.07 million.
104 Little Charles Street, Abbotsford. Sold for $762,000
Generous sized rooms combined with an abundance of natural light work harmoniously to create this cutting edge New York style oasis. The idea of living on the city’s doorstep in a relatively new property with a quoted price of $650,000+ attracted quite a crowd to the auction. Despite the appeal, the auction started very slowly as a young woman on the phone put her hand up and offered $650,000 before three more bidders joined in. When the price reached $750,000 the auctioneer received instructions from the vendor and announced the property was “selling”. At that point a fifth bidder jumped in, and eventually took the keys at $762,000.
Another steady result in auctions this weekend with a clearance rate of 77 per cent, the same as last week. There were 735 auctions held on the weekend with 567 properties selling and 168 being passed in, 71 of those on a vendor bid. In addition to the auctions, there were 353 private sales reported.
There have been 22,000 auctions held so far this year, a number which is 14 per cent up from 2014. With this in mind, August is tipped to be a record month for Melbourne. Next weekend there are over 800 auctions expected, while the final weekend of winter has over 1000 auctions scheduled.
The current market in Melbourne has been tracking at around 30 per cent private sales, showing how effective auctions are for producing strong results. The results can be seen especially in the million dollar-plus market, where there has been a 60 per cent increase in seven-figure sales compared to the same time last year.
The scene is getting set for a very active spring market!
Auction Results
45 Flowerdale Road, Glen Iris. Passed in at Auction
Over 60 people squeezed into the back yard of this four bedroom home encompassing over 1100 square metres. Many were sunning themselves in the Northern light overlooking the tennis court at the rear of the property, which backs onto the Hill ‘n’ Dale park and bike track. The house itself was somewhat dated but no doubt was utterly luxurious in the ’90s. The excitement of the auction peaked unfortunately early with a dog on the loose shortly before the auctioneer placed a Vendor bid of $2.5 million to begin, looking for a real rise of $50K. After a brief halftime break, one gentleman finally raised his hand to bring the property to $2.55 million – and to bring the exclusive right of negotiation to himself with the property then passing in with no further bids.
311 Nott Street, Port Melbourne. Sold for $1,475,000
Historically, this free-standing 2-storey brick home only had one bedroom, but a separate rear building has been added, which includes two more bedrooms and a contemporary feel. A crowd of more than 80 people gathered for the auction of this property, quoted prior to auction at $1.1 million+ and witnessed an opening bid of $1.2 million. It did not take long with three parties and seven more bids bringing the price up to $1.3 million. Another two bidders joined in to see the price escalate to $1.41 million where it was announced on the market, and it only took another eight bids for the property to sell to one of the fresh bidders for $1,475,000.
48 Pleasant Road, Hawthorn East. Sold for $2,301,000
About 100 spilled out onto Pleasant Road (ironically dubbed Unpleasant Road by its residents due to the masses of cars using it as a cut through on a daily basis) to see auctioneer Antony Woodley spruik the benefits of the updated and extended 1920’s home.
Opening on a vendor bid of $1.95 million, Woodley called for bids which he found in the form of 3 eager would be buyers. The property was on the market at $2.2 million after Woodley sought instructions from his vendors and the competition heated up from there. One bidder soon dropped out leaving two young families to fight it out for the keys to the door. After almost knocking it down 3 or 4 times, the hammer eventually fell to the family with 2 small children for a tidy sum of $2.301 million.
