First home buyer beats downsizer to pay $1.28m for Richmond terrace
A buyer found their first home at auction on Saturday when they snagged the keys for a Victorian terrace in Richmond for $1,281,000.
The two-bedroom, single-level home at 8 Neptune Street is just steps away from Bridge Road and had a price guide of $1.2 million to $1.3 million. The reserve was $1.27 million.
Biggin & Scott selling agent Edward Hobbs said the property was suited to downsizers and first home buyers. Two bid for the property, and the underbidder was a downsizer, he said.
Hobbs said it was a competitive auction. “After about 30-odd bids, the buyer who kicked it off went all the way. It was a win-win – the buyers were happy, and the vendors were happy.”
Saturday was Derby Day, part of the spring racing carnival. Despite the racing action at Flemington, Hobbs said an impressive crowd had come out to watch the auction.
“There was no one in suits or dresses, or anyone who looked like they were heading to Derby Day, I think we timed it perfectly,” he said.
Neptune Street was one of five Richmond properties sold at auction on Saturday, but Hobbs said more were selling outside auction conditions.
“There’s loads of volume in Richmond, but often there’s a bit of negotiating. Probably half are sold before the auction, and two weeks post auction,” he said.
In Greensborough, a three-bedroom family home at 57 Henry Street sold for $890,000, which was $30,000 more than the reserve of $860,000.
Jellis Craig agent Daniel Cobern described the property market as “up and down”.
“When properties are priced well, they perform relatively well but if they aren’t, they seem to be struggling.”
Cobern said the bidding for the light-filled home – described as a “gem in an ideal location” – was a contest between two couples.
“It was pretty steady and consistent between the two bidders,” he said.
Cobern said he’d noticed there was strong interest in buying in the area, though few were attending auctions.
“Our numbers have been really good. One open house today still had 21 groups go through it and at another auction I did in Watsonia [on] Saturday afternoon there were around 50 to 60 people – so people that were keen to buy still made their way out,” he said.
In Beaumaris, Buxton selling agent Greg Costello said it was “a beautiful day but [there was] no deal” for a house at 29 Dalgetty Road.
Two buyers expressed interest in the three-bedroom, mid-century home but none bid, and the property was passed in on a vendor bid of $2.01 million. The reserve was $2.19 million.
Costello said the property could sell in the next few weeks, given one of the interested parties had inspected the property again after the auction.
“I am hoping that it is going to come together, they are showing serious interest and the whole family all really seem to like it,” he said.
While there was a lack of bidding action, Costello said the auction still pulled a crowd.
“It was very quiet on the auction front around Beaumaris, Brighton and Black Rock with the so-called long weekend, which meant not much competition, so the auction drew a lot of people,” he said.
By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 63.3 per cent from 393 reported results, while 43 were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Ray White chief economist Nerida Conisbee said the Melbourne property market was weak, which was why few people were bidding at auction.
“While Melbourne is keeping the population growth which sees demand for property increasing, at the same time the Victorian economy isn’t doing well and Victoria has one of the highest unemployment rates, and as a result that weakness is offsetting the increase in population growth,” she said.
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