A stylish family home in Elwood soared nearly $900,000 above its price guide at a virtual auction on Saturday as buyers were undeterred by Melbourne’s latest lockdown.
Three parties fought tooth and nail in a marathon sale for 3 Addison Street that lasted more than an hour and a half, negotiating offers as low as $1,000 for most of the debates.
It was one of 1,109 auctions scheduled for Melbourne on Saturday, although some sellers tried to close deals beforehand rather than go to the virtual auction.
In the evening, Domain Group recorded a preliminary resolution rate of 66.0% on 605 reported results, while 185 bids were removed. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
3 Addison Street, Elwood VIC 3184
Bidding for the four-bedroom Elwood home started at $2.45 million, in the price range of $2.3-2.5 million.
Two parties competed all the way to $2,655,000 when a third bidder entered the race.
The price then rose mostly in $5,000 increments, before declining to $2,500 and then to $1,000.
The hammer fell to $3.39 million for one family.
“It was an epic result,” said Marshall White Bayside sales agent Lesley Pianella.
“The sellers are delighted; buyers are delighted.
Potential buyers had been able to inspect the house before the lockdown began and were drawn to the suburban lifestyle, she said.
“It’s the best real estate market I’ve seen in five or six years,” she said.
“It’s about post-pandemic pent-up demand…homes and townhouses are really strong right now, and they’re doing 10, 20, 30 percent more than we expect.”
Elsewhere, buyers were also plentiful for more affordable homes.
A three-bedroom house in Keilor with scope for renovation has sold for $765,500 under the virtual hammer.
47 Patterson Ave, Keilor VIC 3036
The deceased estate at 47 Patterson Avenue was announced with a reserve of $550,000, smashing expectations of $215,500.
Twenty-nine parties registered to bid, including nine participants and some bidding blind, Ray White Craigieburn sales agent Daniel Diamantopoulos said.
He also sold an artist’s delight Craigieburn, with five bedrooms and a swimming pool, for $967,000.
41 Golf View Drive, Craigieburn VIC 3064
Six bidders, all family, competed for 41 Golf View Drive, which was offered with a price guide of $830,000 to $880,000. Mr. Diamantopoulos declined to reveal the reservation.
With interest rates at ultra-low levels, he said there was still a “huge appetite” among buyers despite the lockdown.
“There is a bit of fear [that] if they don’t buy now, even if it’s invisible, they’ll be competing with more people out of lockdown,” he said.
“Supply and demand are definitely in favor of the seller. Buyers need to compete and pay more money.
In Lalor, eight bidders, including first-time home buyers and investors, have registered to compete for another renovation project at 73 Kingsway Drive.
73 Kingsway Drive, Lalor VIC 3075
Six parties made offers for the three-bedroom house, bringing the sale price to $630,000, or $130,000 above its reserve.
A first-time home buyer won the day and planned to spend money updating the home, said Harcourts Rata & Co sales agent Mario Tucci.
“The market is obviously booming right now,” Mr. Tucci said.
“There were a few registered buyers for this property who did not actually view the property.
“I would consider this continuing when the lockdown is over; I think it will get better and better. »
Some sellers have decided to sell ahead instead of going through the online auction process.
A three-bedroom townhouse in Hampton due to go up for auction on Saturday previously sold for $1.415 million in a quick deal, after strong interest from two groups.
The 1/3 Bronte Court house is located on the same street as the next season of reality renovation TV show The Block.
1/3 Bronte Court, Hampton VIC 3188
Jellis Craig Brighton listing agent Andre O’Brien said the home was between the lowest priced villa units and $2.5 million plus family homes in the same suburb, and was perfect for the right buyer. With two parties interested in the expected price, the seller was happy to move on.
A young professional planning to renovate has purchased the property.
Mr O’Brien said having newly renovated homes on the street was attractive to buyers, especially as filming for this year’s block renovations has already been completed.
“Hampton is a great suburb, but it wouldn’t be on the high end of Hampton,” he said.
“For me, Bronte Court is a favorite for people from out of the area looking to relocate…rather than people with higher budgets who live near the beach.”
In Albert Park, a renovated three-bedroom house sold off the market as the seller decided not to proceed with a public campaign and auction during the restrictions.
The single-fronted residence at 12 Greig Street fetched $3.5 million, which Belle Property sales agent David Wood said was a record price per square yard for the sought-after suburb.
Designed by luxury builder Nik Spartels and set on 161 square meters of land, it fetched just over $21,700 per square meter.
“It was to be auctioned off,” Mr Wood said. “Seller was caught in the middle, should I go run the gauntlet or accept a good offer?”