Clifton Hill home passes in at $3 million as spring market begins
Melbourne’s spring selling season kicked off with a mixed bag of auction results on Saturday, as some homes failed to secure a single bid while others soared above price expectations.
A stunning four-bedroom house in Clifton Hill was passed in on a vendor bid of $3 million, while a three-bedroom home in South Yarra sold for almost $1 million above the reserve.
Several interested buyers were among the crowd that gathered for the Clifton Hill home, at 2 Fenwick Street, but all remained silent and the property, which was once both a medical practice and a home, was passed in on a vendor bid.
While offers were made post-auction, they had failed to seal the deal by Saturday afternoon, said selling agent James McCulloch, of Nelson Alexander Northcote.
Interested buyers in the crowd were still preparing themselves to make an offer, as many were still working with the banks and mortgage brokers to get a loan.
“A lot of buyers in the market are just sorting out their finances for a big spring,” McCulloch said.
The auction opened on a vendor bid of $2.8 million, before a frenzy of $50,000, $10,000 and $5000 bids followed.
Marshall White Stonnington associate director and auctioneer James McCormack said the three-bedroom home was a rare offering in South Yarra, and had drawn interest from buyers who were not actively searching for a new property.
“There are markets within markets,” he said. “A-grade properties are still attracting buyers and good prices.”
McCormack said there were buyers willing to stretch themselves to get the right property at the right price, and some wanted to purchase sooner rather than later, before further rate hikes reduced their borrowing power.
The homes were two of 671 properties scheduled for auction across the city, 62.1 per cent more than the first week of spring last year, when Melbourne was in a COVID-19 lockdown, Domain data shows.
By evening the preliminary clearance rate was 63.5 per cent after 532 results were reported. There were 53 auctions withdrawn, which were counted as unsold properties when calculating the clearance rate.
In sought-after Albert Park, another big result was recorded for a three-bedroom home at 22 Madden Street which sold for $3,275,000.
Three parties competed, but only after an opening vendor bid of $2.8 million. Offers of $25,000, $10,000 and $5000 followed.
The renovated Victorian terrace was called on the market at $3.09 million, and sold after 70 bids.
Marshall White Port Phillip director and auctioneer Oliver Bruce said the sale was in front of a crowd of about 200 people, who were keen to see an auction on the first weekend of spring.
North of the city, in Ivanhoe, a renovated three-bedroom home at 52 Marshall Street sold under the hammer for $1.39 million, above the $1.3 million reserve.
Nelson Alexander Ivanhoe partner and auctioneer Gordon Hope said three bidders, all young professionals, fought for the keys.
An opening bid of $1.25 million set the scene, and advances of $10,000, $5000 and $2500 took the property to its sold price.
“We thought it was a great opening to spring,” Hope said.
In the first home buyer belt of Knoxfield, a four-bedroom family home, at 87 Allister Avenue, sold for $896,000, above the $720,000 reserve, after 14 bidders registered and eight competed.
Ray White Ferntree Gully selling agent Matthew George said the vendors were ecstatic with the result and they now planned to move closer to the city.
The buyer, who relocated from Hong Kong earlier this year, was also happy with the result, he said.
In Strathmore, a four-bedroom property at 6 Cranwell Avenue passed in after a single vendor bid of $1.6 million, below the $1.62 million to $1,675,000 price range.
Brad Teal Woodards Essendon director Bruce Warburton said though there were offers after the auction, it wasn’t enough for a deal to be done. But he was hopeful the home would sell quickly.
A five-bedroom home in Glen Waverley, on a double block at 14-16 Packham Crescent, passed in on a single bid of $4.6 million, at the bottom end of the $4.6 million to $4.9 million price range. The reserve was $4.8 million.
Belle Property Glen Waverley director and auctioneer Nicholas Brennan said it was one of the area’s more expensive homes, which made it a bit harder to find a buyer for in the current market.
However, with many people out and about for spring, he was hopeful of finding a buyer in the coming days.
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