3 months ago
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A turnkey, three-bedroom house in Melbourne’s south-east sold for $1,335,000 at auction on Saturday, netting the sellers $135,000 over the property’s reserve.
The Bentleigh home at 1/54 Tucker Road, featuring two bathrooms and a wrap-around garden, was guided at $1.1 million to $1.2 million, with a reserve set at $1.2 million.
The property was one of 1316 scheduled to go to auction in Melbourne this week.
Gary Peer selling real estate agent Leon Gouzenfiter said after an opening bid of $1,050,000, two bidders fought in increments of $10,000 and $20,000 until hitting the $1.2 million mark.
A third bidder entered the game at $1,230,000, followed by a fourth at $1,240,000.
“Some people choose to wait until [the house] is on the market to bid – that’s why it’s important to have a realistic reserve,” he said.
The Bentleigh home sold for $1,335,000 at Saturday auction. Credit: Domain
The last two bidders – both young professional couples – battled in various increments of $2500, $5000 and $10,000 until the third bidder bought the house for $1,335,000.
“All buyers were here as owner-occupiers … and just wanted to buy a place that was more or less turnkey,” Gouzenfiter said.
The vendor, who had previously lived in the property but had since converted it into an investment, was selling after a recent tenant vacated.
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“It’s probably a sign of what’s happening in Victoria – investors are largely exiting,” he said.
Gouzenfiter added the market between about $1 million to $1.5 million “seems to be quite a competitive marketplace”, attracting young families, couples and downsizers.
In East Melbourne, a regional Victoria couple looking for a Melbourne-based residence paid $1,851,000 for a three-bedroom townhouse at auction.
Real estate agent James McCulloch, from Nelson Alexander Fitzroy, said the 3/115 Hotham Street property, listed with a price guide of $1,650,000 to $1,750,000, was highly sought after by all three bidders.
The reserve was set within the price guide, he said.
“It’s in a tightly held suburb where not a lot of stock comes up in this price range,” McCulloch said.
Following an opening bid of $1.5 million, the three bidders battled it out until a $50,000 bid took the price from $1.8 million to $1.85 million.
“The winning bidder thwn bid another $1000 and bought it,” McCulloch said.
The vendors, a young family, are upsizing to accommodate their growing family.
McCulloch said buyers looking to buy had only a couple of weeks left before the pause in auctions.
“If you don’t buy now, you’re not bidding until the end of February, with your earliest settlement not until Easter,” he said.
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