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A renovated Victorian terrace in North Melbourne passed in at auction for $1.32 million on Saturday, but sold in post-auction negotiations for $1.36 million.
The two-storey period home at 495 Abbotsford Street had a price guide of $1.3 million to $1.4 million and a reserve of $1.36 million.
There were two registered bidders, but one did not put their hand up because their finances had not been approved in time, said selling agent, Jayson Watts from Nelson Alexander Carlton.
The auction opened with a vendor bid of $1.3 million, followed by the only live bid of $1.32 million.
“It was passed in after about 15 minutes of trying to drag it out, and sold soon after through private negotiations,” said Watts.
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The property’s inner-city location close to public transport and the nearby University of Melbourne was the biggest drawcard.
“The successful bidder was a family member purchasing for a relative planning on attending Melbourne University,” said Watts.
“Local and national investors often choose to buy a property for their kids going to that particular university, rather than rent one,” he said.
While the property had a “compact footprint”, Watts said the architecturally designed renovations and floor plan – three bedrooms and two living zones – were appreciated by prospective buyers.
“The property had a clever use of space, which did appeal to a lot of people,” said Watts.
The property was one of 712 scheduled for auction in Melbourne in the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 75.2 per cent from 545 reported results throughout the week, while 49 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Cheltenham, a three-bedroom house at 15 Mernda Avenue with a solar-heated swimming pool sold under the hammer for $1.74 million. It had a price range of $1.55 million to $1.65 million.
The bidding opened at the top end of the price guide at $1.65 million, which was also the reserve.
“It was a very fast auction,” said selling agent and auctioneer Kevin Chokshi from Ray White Bayside Group.
“There were only about six or seven bids in total,” he added. “The sellers listened to the auction over the phone from Queensland, where they’re on holiday.”
Three registered bidders – all young families – took part in the auction, with a local family proving successful.
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“Two of the bidders, the successful bidder and underbidder, were both represented by buyer’s advocates,” Chokshi said.
The new owners, who wanted an upgrade, were attracted to the location and presentation of the home.
“It’s located in a special pocket of Cheltenham, it’s the only part that is within the Bayside Council,” Chokshi said.
“The family home was presented beautifully. These sorts of properties are hot right now.”
The new owners are planning to move straight in, but “one of them is a builder, so he is planning to add some of their own touches to the home”, Chokshi said.
Dr Diaswati Mardiasmo, chief economist at PRD, said that the Melbourne market is “definitely climbing”.
“These numbers are a sign of a much healthier Melbourne market,” she said. “This result should also help bolster confidence even further.”
In McKinnon, a three-bedroom boutique townhouse was passed in at auction for $1.09 million but sold soon after through on-site negotiations for $1.16 million.
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The two-storey home at 6/6 Prince Edward Avenue was listed with a price guide of $1,090,000 to $1,190,000.
The initial reserve was $1.19 million, but this was reduced to $1.16 million after being passed in, said selling agent Simon Pintado from Buxton Real Estate in Bentleigh.
The auction drew a crowd of around 70 to 80 people, and while three registered bidders attended, only one put their hand up.
“The successful bidder was a first home buyer attracted to the floor plan and indoor-outdoor area,” Pintado said.
Pintado said that his real estate agency has had 100 per cent success with auctions this weekend.
“The mood is definitely improving in the area,” he said.
While stock levels are still low, Pintado said this was likely to pick up by spring.
“We’ve got a lot more properties coming onto the market. It’s going to get very busy,” he said.
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