Knock-down Kew house smashes reserve by $1.7 million

51 Rowland Street, Kew

Sold $4.8 million Agent Jellis Craig Price range $2.5 million-$2.75 million

A Hong Kong-based buyer who flew to Melbourne on Thursday to see the Sackville ward property bought it at auction for $1.7 million above reserve.

Land in the Sackville ward – near Genazzano, Carey Grammar, Preshil and other prestigious schools – typically sells for $4000 to $4500 a square metre, ahead of the next dearest Kew precinct, Studley Park, which commands about $3500 a square metre.

But the 1960s house on a 709-square-metre block in Rowland Street exceeded all expectations, selling for $6770 a square metre.

Before the sale, Jellis Craig auctioneer Richard Earle wasn’t confident the property, which has a north-facing backyard, would make $3 million, but that amount was the first bid.

A crowd of 110 watched in awe as four contenders drove the price up. On the market at $3.1 million, the property eventually sold to a Hong Kong-based family for $4.8 million.

Mr Earle said the family planned to build a new house on the site and the nearby private schools were a drawcard.

Most rises were in $5000 increments and more than 220 bids were placed. The underbidder who led the bidding for most of the auction owns an adjoining property, but bowed out after a $30,000 knockout bid.

The auction attracted four bidders but it came down to a two-horse race between the neighbour and the Hong Kong family, Mr Earle said.

Buyers were recognising the value of a substantial block of land, which comes with the possibility of redevelopment down the track, he said. The auction result also highlighted the underlying strength of the market for prime residential properties. Chris Tolhurst, with Christina Zhou

2 Vincent Street, Glen Iris

Passed in $3.73 million Agent Abercromby’s Price range $3.7 million+

Two families – both with three children – battled for this four or five-bedroom California bungalow. Auctioneer Rob Vickers-Willis highlighted many impressive features of the house, such as the “man cave” and elevated front garden, but would-be buyers held their cards close to their chest. Mr Vickers-Willis started the auction with a $3.5 million vendor bid, and received his request for a $50,000 rise. Another vendor bid of $3.6 million was posted before the second family jumped in with a $30,000 rise, and that bid was referred to the vendors. Four more offers were made, before the final bid of $3.73 million was again referred. The property passed in to the first bidder, and the reserve was $3.9 million. Christina Zhou

476 New Street, Brighton

Sold $3,269,000 Agent Marshall White Price range $2.5 million+

This charming Edwardian has a pool, a pool house and proximity to the beach. Auctioneer Stephen Smith – a former professional tenor – was in fine voice, starting with a $2.5 million vendor bid. That was answered with an offer of $2.55 million, and it took just one more bid from buyer’s advocate Mal James, of $2.7 million, to hit the market. Four bidders were in contention but a middle-aged couple won the keys, coaxed by Mr Smith’s offer of paying for their brunch at the local cafe. They held on and sealed victory with a hug – and possibility a big plate of eggs benny. Emily Power

18 Linton Street, St Kilda East

Sold $1,819,000 Agent Gary Peer & Associates Price range $1.35 million-$1.45 million

This 40-minute auction – long enough for the froth to cool on a flat white from nearby Carlisle Street – tested the mettle of three bidders. The vendor had lovingly renovated the double-fronted Victorian. “This is a handcrafted home,” said auctioneer Phillip Kingston, who was rewarded with a $1.5 million opening bid. For the first few minutes, $10,000 increments were thrown forward. But for the majority of the contest, bidders traded $1000 increases, patiently inching well beyond the $1.58 million reserve. A young man held off a late charge by a middle-aged man on a mobile phone to stroll inside and autograph the contract. Emily Power

83 Tarrengower Street, Yarraville

Sold $1,165,000 Agent Village Price range $900,000+

This renovated freestanding three-bedroom Victorian near the village and train station features a simple layout that would appeal to many, but is also open to an upstairs extension. Auctioneer Huss Saad began proceedings with a $900,000 vendor bid. Ten genuine bids later, two would-be buyers had put it on the market at $1.02 million. The man who made the “on the market” bid dropped out, but fresh interest came from a woman who started throwing bids like hot potatoes. However she was out at $1,155,000 after making 14 rises. Mr Saad knocked the house down to her competitor for $1,165,000. Jayne D’Arcy

38 Myrtle Road, Hampton

Sold $2.8 million Agent Nick Johnstone Price range $2.6 million-$2.7 million

One hundred and fifty people attended the auction of this four-bedroom house with a pool. It was an interesting start for the renovated and extended property, with auctioneer Nick Johnstone making a vendor bid of $2.6 million and fielding several “Is it on the market?” questions and rejecting several low rises. Four would-be buyers were soon reduced to two serious contenders standing almost side-by-side. One of them, a local who had been chatting about how his current house was too small, made seven bids to secure his upgrade for $2.8 million. It was announced “on the market” at $2,705,000. Jayne D’Arcy

1 Warringal Place, Eaglemont

Sold Undisclosed Agent Kay & Burton Price range $3 million+

Built in about 1927, Wynstow had the hallmarks of a home to fall in love with. Romantic architecture, a beautiful pool, and a highly sought address, overlooking Remembrance Park and close to Ivanhoe Grammar. Architect Mark Meaden had overseen a sensitive renovation, which had retained traditional characteristics, including English oak finishes and exposed beams. Auctioneer Scott Patterson got the contest for the grand, six-bedroom estate under way with a vendor bid of $3 million. Two bidders were in contention, and fought gallantly, but the property passed in at $3.3 million. A sale was later negotiated and the deal done. Emily Power

10 Canning Street, North Melbourne

Sold $2.92 million Agent Nelson Alexander Price range $2.3 million+

Two prospective buyers did nearly all of the bidding for this fully renovated, family-sized North Melbourne terrace, before a third contestant entered near the end of the auction to acquire it. One bidder kept his hand up for almost five minutes after the opening offer of $2.42 million, resting it only when the value hit $2.9 million. Before a crowd of 100, auctioneer Arch Staver called the house on the market at $2.6 million. It sold to a young couple, just as the sun came out, when bidding hit $2.92 million. Marc Pallisco