Balwyn North family home fetches $2,421,500 in marathon sale

Two bidders fought over a renovated home in Balwyn North for more than an hour during a virtual auction on Saturday, sending the price around $200,000 above reserve.

Over 100 bids were placed on the five-bedroom house at 9 Kawarren Street, which ultimately sold for $2,421,500.

It was one of 1,172 auctions scheduled for Melbourne on Saturday, although some were postponed due to the lockdown.

In the evening, Domain Group recorded a preliminary resolution rate of 47.1% from 699 reported results, while 368 bids were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

9 Kawarren Street, North Balwyn VIC 3104

The virtual marathon auction lasted 90 minutes, with Fletchers auctioneer Tim Heavyside leading the proceedings from the front room of his house, offering occasional commentary on a whipping neighbor and his barking dog .

Bids of just $500 filled the final 30 minutes of the auction, with underbidders conceding twice and congratulating the other side, only to come back with more bids.

The house sold for more than $200,000 above the reserve price – it was on the market at $2.2 million – which Mr Heavyside said was an example of online auction success.

“Sales people may shy away because it’s the fear of the unknown, and a few years ago that wasn’t general practice, but it is now, and I don’t know if it’s there. to stay, but it’s a prolific way to sell,” he said.

There were only two inspections before Melbourne’s sixth lockdown was announced, which made seller Nav Krishnan a little nervous. The auction also came on a day when the Andrews government announced new restrictions, including a lockdown for regional Victoria.

“It was really nerve-wracking because of the lockdown. We were like, ‘Are we going to auction or not?’ said Mr. Krishnan.

“But that result was super great even though we didn’t have lockdown. One of the factors was that there wouldn’t be a lot of new homes on the market, at least in the near future.

The house’s location inside the coveted area of ​​Balwyn High School was also a big plus.

Elsewhere, there was no shortage of bidders at the online auction at 6 Colonel Street, Clayton, which sold for $1.321 million – $290,000 more than the reserve – with only virtual inspections.

6 Colonel Street, Clayton VIC 3168

6 Colonel Street, Clayton VIC 3168

Fifteen bidders signed up to try to secure the aging three-bedroom siding on 715 square meters of land, while 125 people watched the action online.

“I was literally shocked by the number of people who came to see this auction – it was crazy,” said Michael Renzella, director of Ray White Clayton.

There was a mix of single family home buyers, and the rest were investors and developers.

“At one point there were $20 bids and a $1 bid as people literally scraped the barrel,” he said.

“A lovely local family have purchased the house and are planning to build their dream home there.”

In Hawthorn, a tastefully renovated apartment at 2/146 Power Street sold to first-time home buyers for $820,000. The selling price was $100,000 above the reserve, much to the seller’s delight.

2/146 Power Street, Hawthorn VIC 3122

2/146 Power Street, Hawthorn VIC 3122

“The salesperson was thrilled when I told him on the phone, I’ve never heard anyone scream so loudly,” said the Agency’s sales agent Luke Saville.

“With all the announcements that have taken place over the past 48 hours, it probably would have been nerve-wracking for her.”

First-time home buyers also picked up a win at 3/11a Williams Road, Prahran, which they bought for $990,000 – $85,000 above reserve.

3/11a Williams Road, Prahran VIC 3181

3/11a Williams Road, Prahran VIC 3181

Belle Property Armadale agent James Annett said Melbourne’s ongoing lockdown would make it difficult to sell online as buyers were not physically inspecting properties.

“Without the ability to view a property, most people are hesitant to buy,” he said.

“With today’s sale, people had seen it before the lockdown. So I don’t know how many we will sell in the future.

Over 60 offers have been made for 29 Barrani Street in Bentleigh East, recently rezoned to form part of the sought-after McKinnon Secondary College catchment area.

29 Barrani Street, Bentleigh East VIC 3165

29 Barrani Street, Bentleigh East VIC 3165

Beck and Small Property agent Elizabeth Lopez said the seller was initially reluctant to auction the property online, but was “over the moon” with the outcome. The property sold for an undisclosed amount, but Ms Lopez said it was over $1.6million.

“It was probably one of the most exciting auctions I’ve been to,” she said.

“You would think you were going to knock it down, then one bidder would add another [thousand dollars] or even five [thousand dollars].”