Melbourne auctions: Brunswick cottage sells for $1.36 million

Competitive bidding pushed the price of an Edwardian cottage $370,000 above reserve in a hot auction on Saturday.

About 70 people and four bidders turned out for the auction of the home, in original condition, on the fringes of Sydney Road, Brunswick.

Bidding for the vintage three-bedroom house at 24 Donald Street, Brunswick, started at $850,000. It quickly passed the $990,000 reserve and went on to sell for $1.36 million.

“We had very strong bidding right from the get-go,” said Sam Rigopoulos, Jellis Craig director, of the auction held in conjunction with the State Trustees.

“They were bidding in big increments, which varied from $20,000 down to $1000.”

The home was snapped up by downsizers Dennis and Lina Le Page, from Templestowe, who plan to renovate the property – which is near friends and family in the area.

They are so close, they are planning to host staged dinners where one house will be the venue for the entree and another two addresses for main and dessert.

The Donald Street property was one of 957 homes scheduled to go under the hammer in Melbourne on Saturday. By evening, Domain Group had recorded a preliminary clearance rate of 70.9 per cent from 653 reported results.

At 1/8-10 Stuart Avenue, Cheltenham, a first-home buyer from South Yarra came out on top. She competed against four other bidders for the two-bedroom unit, which quickly sold over reserve for $730,000.

“She had to adjust her budget over the last few months to get what she wanted,” said Ray White’s Angela Limanis. “She’s been attending a number of auctions but hasn’t been bidding … but with this one she went all the way and did really well.”

Bidding was kicked off at $570,000 by a potential buyer who hadn’t inspected the property before auction day. A crowd of about 80 people watched on as the bids took off, leaving some serious bidders in the dust.

The $730,000 sale price was a top result for the family who has owned the property since the 1980s, said Mr Limanis.

“I spoke to the vendors out the back and the lady, her knees were trembling because it just moved so quickly,” she said.

“They were absolutely ecstatic.”

A fellow first-home buyer wasn’t quite so lucky at 28B Severn Street, Yarraville, losing out to an investor who forked out $810,000 to nab the two-bedroom house.

The auction price blew the $700,000 reserve right out of the water, said George Alexander from Jas Stephens.

“I was confident we’d get competition and it would sell well, but I wasn’t expecting we’d get anywhere near $800,000 admittedly,” he said.

“It presented well and, although it’s small, it’s in a good street. We had interest from first-home buyers and owner-occupiers because there’s not much around for that price where you can move straight in.”

On the other side of town, at 12 Cressy Street, Malvern, a young family made the winning bid of $2.57 million for a three-bedroom house. They battled two other bidders, both with young families, said Hugh Tomlinson from Marshall White Stonnington.

“They were all family buyers looking to get into that Malvern pocket, very much vying for the position, school and amenities,” he said.

It was a bittersweet sale for the vendors who have lived in the property since 1991.

“It was a very emotional day for them, they have loved their home and looked after it immaculately,” Mr Tomlinson said.

“But they’re over the moon and they will now look to downsize in the area.”

In nearby Hawthorn East,  RT Edgar’s Brett Vanderwert passed in 1 Widford Street at $3.25 million. More than 40 people attended the auction, but no bids were placed. The property is being advertised with a $3.55 million price tag.

However, Mr Vanderwert is confident the home’s proximity to Anderson Park will see it sell within days.

“The main attraction is the land, which is 765 square metres, and the 21-metre frontage, so you could potentially do two side-by-side dwellings if you were going to pull it down,” he said.

“There is so much aesthetic value and there’s so much you can do with this site, you can keep it or renovate. There’s a multitude of options, it’s not a one-dimensional purchase.

“It’s also on the highest point of Widford Street, so you get great vistas to the park from upstairs.”