Repairman Bonbeach sells for $1.95 million

A four-bedroom repairer in Melbourne’s southeast sold for $1.95million – more than $250,000 above reserve – at an online auction on Saturday to a buyer who didn’t couldn’t inspect it in person.

The coastal house at 12 Shenfield Avenue, Bonbeach, had been an investment for sellers, who were selling as the Melbourne market defied expectations during the lockdown.

It was one of 311 auctions scheduled for Melbourne on Saturday, with many potential sellers waiting for restrictions to ease.

In the evening, Domain Group recorded a preliminary clearance rate of 76.2% from 164 reported results, while 31 bids were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Private inspections of unoccupied properties will be permitted once Victoria reaches the 70 per cent milestone of the first vaccine dose, possibly as early as next weekend.

12 Shenfield Avenue, Bonbeach was an investment for sellers. Photo: Hodges Menton

“It sold well above what we expected,” auctioneer Hodges Mentone Marc Kosch said after the sale of Bonbeach.

Bids opened at $1.55 million, with buyers raising the price in $20,000 increments. A late $10,000 bidding rush saw the property reach its selling price of $1.95 million.

Mr. Kosch said 12 bidders have signed up and almost all of them are active. The buyer planned to build a dream home on the 650 square meter site just three blocks from the waterfront.

The property had only been listed for 18 days but had generated a lot of interest. The online auction was brought forward a week, Kosch said, even though buyers were unable to view the property in person.

“At the end of the day, this whole thing is, is a reversal, so people didn’t need to see through it,” he said.

12 Shenfield Ave, Bonbeach VIC 3196

12 Shenfield Ave, Bonbeach VIC 3196

In the central eastern suburb of Malvern, a three-bedroom house – also in need of renovation – has sold for $2.415 million, well above its price guide of $1.7-1.87 million.

The property at 22 Euston Street had been a long-term investment for the sellers, who had leased it for about 30 years.

22 Euston St, Malvern VIC 3144

22 Euston St, Malvern VIC 3144

Biggin & Scott Stonnington director and auctioneer Tom McCarthy said an opening bid of $1.7 million kicked off bids of $50,000, with the auction setting a blistering pace.

“It was an extraordinary result,” he said.

The buyers were planning their next steps, which could include a teardown and a rebuild.

Like many properties, 22 Euston Street had been listed just before Melbourne’s latest lockdown, which has now lasted for more than four weeks.

“We had postponed the auction thinking that we would get out of [lockdown] …but those who loved him didn’t need to see him,” McCarthy said.

Also east of town, a four-bedroom home with an outdoor pool sold under the virtual hammer for $1.55 million, above the $1.3-1.4 million guide.

Three active bidders fought for the keys to 9 Parkwood Rise, Ringwood North.

9 Parkwood Rise, North Ringwood
9 Parkwood Rise, Ringwood North sold online. Photo: Ray White Ringwood

Bidding started at $1.25 million but stalled at $1.51 million as the auctioneer took a break to consult with sellers. Upon his return, the house quickly sold for $1.55 million.

Chris Watson, director and auctioneer of Ray White Ringwood, said the house was one of 10 or 12 that had been sold purely virtually in the past two six weeks by the group.

“There had been building inspections done on site, but it was 100 per cent sold virtually,” Mr Watson said.

The sellers, who had owned the property for 16 years, planned to downsize and relocate to area Victoria.

While Melbourne was locked out, regional Victoria was enjoying its first weekend of relaxed restrictions. In Geelong, where up to 10 people are now allowed to see through homes, buyers were on the move on private inspections.

However, an auction at 18 Torquay Road, Belmont, was still online, given interest from buyers in Melbourne unable to attend a face-to-face auction.

18 Torquay Road, Belmont VIC 3216

18 Torquay Road, Belmont VIC 3216

Auctioneer Ray White Highton George Politis 12 bidders registered for the sale, half being from the region and the other half from Melbourne.

The three-bedroom house was sold to a local buyer, who planned to use it as an office and treatment rooms for a health service.

The home sold for $752,000 – $122,000 above reserve.

The sellers, who live in Melbourne and had used the property as an investment, watched its sale online.

“I have a few sellers outside of Geelong who can’t get into the state because of the lockdown, I’m currently selling a house for a guy in Perth who can’t come back,” Mr Politis said.

In Wheelers Hill, a five-bedroom family home has sold for $2.81 million at virtual auction.

5 Avery Court, Wheelers Hill VIC 3150

5 Avery Court, Wheelers Hill VIC 3150

Seven bidders, all family, registered for the sale of 5 Avery Courts, four of whom participated.

The house was on the market at $2.8 million, said Ming Xu of Biggin & Scott, adding that the large lot size and indoor pool were pluses.

The winners had seen the property in person before the lockdown but the others had only seen photos or videos, he said.

“Containment is changing people’s buying behavior. Many buyers can bid without seeing the property,” he said.

With Elizabeth Redman