Brighton home sells for $1 million above reserve at auction
A home in one of Melbourne’s most exclusive coastal suburbs sold under the hammer at the weekend for $1 million above the reserve.
The three-bedroom home at 12 Farleigh Road, Brighton, sold for $5.18 million under the hammer, after four bidders who were desperate to buy in the suburb competed for the keys.
Fredman Property Group’s Joel Fredman, who sold the home in conjunction with Meridian Real Estate, said the buyer would be looking to tear down and rebuild a new home on the property in one of the suburb’s best streets.
An opening bid of $4 million set the scene early, with big bids coming in quick succession.
“There were downsizers and families bidding on the home,” Mr Fredman, who was also the auctioneer, said. “They just went for it.”
The family who bought the home had been looking for property in Brighton for a few months and were very happy with their buy.
The vendors, who were ecstatic with the result of the auction, were now looking to downsize, Mr Fredman said.
The sale was one of the biggest auction results in Melbourne at the weekend, which brought some enormous sales despite the rain.
By Saturday night, the preliminary auction clearance rate was 79.8 per cent from 978 scheduled auctions and 756 reported results.
There were 53 properties withdrawn from auction and were counted as not being sold as part of the clearance rate.
While the sale in Brighton flew, another stuck much closer to the indicative price range.
The classic California bungalow at 37 North Road sold under the hammer for $3.38 million, close to the price range of $3.1 million to $3.4 million.
Century 21 Property Group auctioneer Alex Vouladas said three bidders fought it out for the property, with most wanting to either tear down and rebuild the three-bedroom home.
The property, part of a deceased estate, sold to a buyer looking to live there. They are undecided on whether to knock it down or renovate the existing home, he said.
“Properties like this are pretty scarce,” Mr Vouladas said. “This one is just 17 properties away from the beach, so it’s a prime location.”
One of the standout results for the weekend was the sale of a five-bedroom home in the inner-eastern suburb of Kew.
The property at 9 College Parade, Kew, sold for $5,415,000 under the hammer.
The stunning property was hotly contested by families wanting to live close to elite schools in the area including Xavier College, MLC, Ruyton Girls’ School and Trinity Grammar School.
Selling agent Kay & Burton Hawthorn’s Sam Wilkinson said the auction with the sale being held just before a huge downpour.
“It is a very, very active marketplace at the moment and with a property like College Parade, it’s a sign of the strong demand for quality family homes,” Mr Wilkinson said.
A five-bedroom home in Melbourne’s south sold for more than $4 million during the pouring rain. The auction at 22 Rothesay Avenue had some potential buyers putting bids in from their cars as they avoided getting wet.
The home, which included a pool, sold under the hammer for $4,292,500 after four bidders competed. It sold for $292,500 above the expected sale price.
Chisholm and Gamon Elwood’s Sam Gamon said it was the first time a home at that price point had come to auction in 12 months in Elwood.
The winning bidders were a young family looking to upsize from their smaller Toorak home.
“Both are working from home [because of COVID-19] and because of that they’re desperate for more space,” Mr Gamon said. “We’re finding the community and beach vibe of Elwood is driving a lot of interest after COVID.”
The vendors, who snapped up the home in 2016 for $3,375,000, have moved home to New Zealand to be close to family, Mr Gamon said.
North-east of the CBD, a home which had been owned by the same family for 54 years found a buyer under the hammer for $2,755,000 ($505,000 above the reserve).
The four-bedroom home at 16 Latham Street, Ivanhoe, had been sold by the family after the death of their parents.
Selling agent Nelson Alexander Ivanhoe’s Gordon Hope said the property needed work. But it was in the “Fairy Hills” region of Ivanhoe, which was very tightly held.
“It was a massive result,” Mr Hope said. “There were mixed emotions because it was part of the family’s childhood and they had walked to the grammar school from there.”
The buyers were a young family looking for their forever home.
“It was one family passing the home onto the next, which was really nice,” Mr Hope said.
A family was also the buyer of a four-bedroom townhouse in Oak Park, in Melbourne’s north, which sold well above its price expectations.
The property at 20A Gregory Street sold for $1,050,000, above the quoted price range of $790,000 to $850,000.
Barry Plant Glenroy’s Roy Khoder said there were three bidders who competed at the auction — one was a first-home buyer.
The property sold well because it was in the much sought-after Strathmore Secondary College school zone, he said.
“Oak Park has always been popular and anything in the Strathmore school zone always does well,” Mr Khoder said.
The vendors are now looking to downsize. “They were very happy,” he said.
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