Moncrieff home sets suburb record with $1.6 million sale

A four-bedroom house in Moncrieff has set a new residential benchmark for the suburb after it sold under the hammer for $1.6 million on Saturday.

The residence at 15 Warup Street attracted 50 to 60 groups throughout the auction campaign, selling agent Nik Brozinic of Carter and Co Agents said.

“It was a good campaign … there are a number of homes in Moncrieff that are also beautiful and big, but we were quietly confident that this one would set a new record,” he said.

“It’s a stunning, well-positioned, architecturally-designed property.”

Bidding for the home “was slow to get going”, Mr Brozinic said, with the starting bid at $1.3 million and the price rising in $50,000 increments thanks to two of the four registered bidders.

“When the price got to around $1.5 million, bidding shortened to $10,000 and $20,000 increments, and when it reached $1.6 million, that’s when we announced it on the market and it sold,” he said.

The new home owner is a young family with teenage kids. Other interested parties were also young families.

“This was the buyer market we were looking at,” Mr Brozinic said.

“What this home offered was segregated living; you had living areas downstairs where all could gather but then plenty of rooms to escape … we hit the nail on the head on who we thought would purchase it.”

The sellers, who also built the home, have lived in the property for the past three years and decided to part with the residence after building a new house in Taylor.

This sale beat the previous record in Moncrieff by $20,000, which was set by the house at 51 Jorgensen Street in November.

The sale comes after Domain data revealed the city’s clearance rates dropped for the month of July to the lowest since April 2020 at 54.9 per cent.

“The auction market has shifted and is now leaning towards the buyers’ favour. We’re seeing them negotiate more … and register interest in properties with a price guide. Regardless, good homes do sell at auction,” Mr Brozinic added.

With spring around the corner, Mr Brozinic anticipates more buyers will come out of the woodwork as “more properties come to market”.