A single-fronted, multi-storey Victorian cottage in south Melbourne sold for as much as $ 1,471 million in a hot virtual auction on Saturday, $ 271,000 above the price it was declared on the market.
The house with two bedrooms at 364 Dorcas Street, an investment for sellers for most of the last 20 years, sold to a young couple planning to renovate. There were five active bidders.
It was one of 858 auctions scheduled in Melbourne on Saturday.
The South Melbourne house was declared on the market after an opening bid of $ 1.2 million and sold after a stream of 91 bids from interested buyers. In the end, the winning bidders came up with an extra $ 1,000 bid to seal the deal.
Belle Property South Melbourne director and auctioneer David Wood said the couple were now eager to roll up their sleeves and renovate.
The property had been very popular and made more than 100 inquiries, despite the fact that the market was locked most of the time the home was advertised and people could not inspect homes.
364 Dorcas Street, South Melbourne VIC 3205
Mr Wood said the campaign had been extended by two weeks to allow people to look through the home once the rules for lockdown had been relaxed.
“It just shows the strength of the prices of period homes on their own land close to the city,” he said.
It was one of several period-style houses that successfully sold under the virtual hammer on Saturday, though others passed before sale immediately afterwards. Agents highlighted additional inventory in the market, unrealistic price expectations and bidder nerves.
An art deco style home at 123 The Eyrie, Eaglemont, exceeded expectations as it sold under the virtual hammer for $ 1,595 million, $ 175,000 above the price it was declared on the market.
123 The Eyrie, Eaglemont VIC 3084
The street is located in a historically significant area, whose bush environments are said to have inspired the famous Heidelberg School of Artists.
Nelson Alexander Ivanhoe sales agent Christian Cortese said 10 bidders, with only four getting the chance to raise their virtual paddles.
A $ 1.35 million opening bid set the stage, followed by a $ 10,000, $ 5,000 and $ 1,000 bid. The house was sold to a local buyer who wanted to secure an investment home her parents would be able to live in.
In Carnegie, in the southeast of Melbourne, is a five-bedroom bungalow in California at 6 p.m. 62 Tranmere Avenue sold online for $ 2.06 million, above the $ 1.85 million price guide to $ 1.95 million.
62 Tranmere Avenue, Carnegie VIC 3163
The auction opened with a seller bid at the bottom of the price guide, Woodards Carnegie Director Ruth Roberts said, with a young family the ultimate buyers.
“They were the perfect buyers for the home,” Mrs. Roberts said, adding that tthe property had been primarily owned as an investment by the sellers for 18 years.
Closer to town, in Carlton, another Victorian cottage with a front was sold under the virtual hammer for $ 1.11 million, above the $ 1 million price guide to $ 1,050,000.
The house with two bedrooms at 100 Station Street was snapped up by first home buyers who wanted to enter the local market. They were one of only two bidders at the online auction “very low key” that opened with a bid of $ 1 million.
100 Station Street, Carlton VIC 3053
“The sellers had owned the property since 1971 and it was always an investment for them,” Nelson Alexander Carlton partnered Janine Ballantyne said. “They just decided it was time to sell and it was a good result.”
A three-room home at 27 Parade, Ascot Vale, passed after a $ 1.3 million seller bid and a $ 1.31 million bid.
The home sold an hour later for $ 1.4 million, which was at the top end of the property’s advertised price range.
27 Parades, Ascot Vale VIC 3032
“I personally think a lot of stock has come on the market in the last week and a half, so it gives buyers a little more choice now,” Nelson Alexander Ascot Vale partner and sales agent Jon McKenna said.
It was a similar story in McKinnon, southeast of the city, where a four-bedroom house at 3 Hall Street passed in at $ 2.05 million before being sold at the same price.
The property, in the sought-after McKinnon Secondary College zone, received a $ 2.04 million sale bid before receiving its $ 2.05 million bid from a young family who became the ultimate buyers.
Buxton Real Estate Bentleigh Auctioneer Craig Williamson said the family now decided whether to overthrow and rebuild or renovate the home.
3 Hall Street, Mckinnon VIC 3204
Williamson said sellers now need to be more realistic with their reserves and price expectations as more homes hit the market.
“It’s a great time for buyers because more property is coming to market this spring and it’s one of the best choices for them,” he said.
In Box Hill North, a home is sold for its land value to Severn Street 94 was passed on with a bid of $ 1.87 million.
94 Severn Street, Box Hill North VIC 3129
It was later sold to a local developer in competitive negotiations after the auction for $ 1,986 million, over the price guide of $ 1.8 million to $ 1.9 million.
“There were several bidders, but they were intimidated by the online auction,” sells Barry Plant Blackburn James Goulopoulos said. “They definitely held their cards closer to their chests.”