South Melbourne home sells for $1.471million in hot springs auction weekend

A single-fronted, one-story Victorian cottage in Melbourne’s south sold for $1.471 million at a hot virtual auction on Saturday, $271,000 above the price it was declared on the Marlet.

The two-bedroom house in 364 Dorcas Street, a sellers investment for most of the past 20 years, sold to a young couple planning to renovate. There were five active bidders.

It was one of 858 auctions scheduled for Melbourne on Saturday.

In the evening, Domain Group recorded a preliminary resolution rate of 74.3% from 686 reported results, while 89 bids were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

The South Melbourne home was declared on the market after an opening bid of $1.2 million and sold after a flurry of 91 offers from interested buyers. In the end, the winning bidders made an additional bid of $1,000 to seal the deal.

Inside 364 Dorcas Street, South Melbourne. Photo: Beautiful South Melbourne Property

Belle Property South Melbourne manager and auctioneer David Wood said the couple now wanted to roll up their sleeves and renovate.

The property had been very popular, responding to more than 100 inquiries, despite the fact that the market was blocked most of the time, the house was advertised and people could not inspect the houses.

364 Dorcas Street, South Melbourne VIC 3205

364 Dorcas Street, South Melbourne VIC 3205

Mr Wood said the campaign had been extended for two weeks to allow people to peek through the house once lockdown rules eased.

“It just shows the price strength of period homes on their own land, close to town,” he said.

It was one of several period-style homes that successfully sold under the virtual hammer on Saturday, although others passed before reselling directly afterwards. Agents pointed to the extra stock on the market, unrealistic price expectations and bidder nerves.

An art deco style house in 123 The Eyrie, Eaglemont, exceeded expectations when it sold under the virtual hammer for $1.595 million, $175,000 more than the price at which it was declared on the market.

123 L'Eyrie, Eaglemont VIC 3084

123 L’Eyrie, Eaglemont VIC 3084

The street is in a historically significant area whose bush surroundings are said to have inspired the famous Heidelberg school of artists.

Sales Agent Nelson Alexander Ivanhoe Christian Cortese said 10 bidders registered, only four of whom had the chance to lift their virtual paddles.

An opening bid of $1.35 million set the scene, followed by a flurry of bids of $10,000, $5,000 and $1,000. The house was sold to a local buyer who was looking for an investment home for his parents to live in.

In Carnegie, in Melbourne’s southeast, a five-bedroom California bungalow 62 Tranmere Avenue sold online for $2.06 million, above the price guide of $1.85-1.95 million.

62 Tranmere Ave, Carnegie VIC 3163

62 Tranmere Ave, Carnegie VIC 3163

The auction opened with a seller’s offer at the bottom of the price guide, director of Woodards Carnegie Ruth Robert said, with a young family the end buyers.

“They were the perfect home buyers,” Ms Roberts said, adding that tThe property had been owned primarily by the sellers as an investment for 18 years.

Closer to town, in Carlton, another single-fronted Victorian cottage sold under the virtual hammer for $1.11 million, above the price guide of $1 million to $1,050,000.

The two-bedroom house in 100 station street was snapped up by first-time home buyers eager to enter the local market. They were one of only two bidders in the “very low-key” online auction which opened with a bid of $1million.

100 Station Street, Carlton VIC 3053

100 Station Street, Carlton VIC 3053

“The sellers had owned the property since 1971 and it has always been an investment for them,” said Nelson Alexander Carlton, partner. Janine Ballantyne noted. “They just decided it was time to sell and it was a good result.”

A three bedroom house in 27 The Parade, Ascot Vale, passed after a seller’s offer of $1.3 million and a buyer’s offer of $1.31 million.

The house sold an hour later for $1.4 million, which was at the high end of the property’s advertised price range.

27 The Parade, Ascot Vale VIC 3032

27 The Parade, Ascot Vale VIC 3032

“I personally think there’s been a lot of action in the market over the last week and a half, so it gives buyers a bit more choice now,” Nelson Alexander Ascot Vale partner and sales agent Jon McKenna noted.

It was a similar story in McKinnon, southeast of the city, where a four-bedroom house wasyou 3 Hall Street rose to $2.05 million, before selling for the same price.

The property, located in the sought-after area of ​​McKinnon Secondary College, received an offer to sell for $2.04million before receiving its $2.05million offer from a young family who became the ultimate buyer .

Buxton Real Estate Bentleigh Auctioneer Craig Williamson said the family is now deciding whether to demolish and rebuild or renovate the house.

3 Hall Street, McKinnon VIC 3204

3 Hall Street, McKinnon VIC 3204

Mr Williamson said sellers now need to be more realistic with their reservations and price expectations as more homes come on the market.

“It’s a fantastic time for buyers because there are more properties coming on the market in the spring and it’s one of the best choices for them,” he said.

In Box Hill North, a home sold for its land value at 94 Severn Street was passed on an offer of $1.87 million.

94 Severn Street, Box Hill North VIC 3129

94 Severn Street, Box Hill North VIC 3129

It was later sold to a local developer in competitive post-auction negotiations for $1.986 million, above the list price of $1.8–1.9 million.

“There were several bidders but they were scared off by the online auction,” said Barry Plant Blackburn, sales agent. James Goulopoulos noted. “They were definitely holding their cards closer to their chests.”