Melbourne auctions: Eltham house in the hills sells for $3.3m, soars $800,000 above reserve
A stunning four-bedroom home with a tennis court and swimming pool in Melbourne’s outer north-east has sold under the hammer for a whopping $800,000 above its reserve.
The home on four hectares of land at 37 Lavender Park Road in Eltham – 20 kilometres from the CBD – sold for $3.3 million on Saturday morning.
It was one of 1056 auctions scheduled in Melbourne on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 77.5 per cent from 819 reported results.
Listing agent Tom Kurtschenko from Jellis Craig Eltham said four active bidders pushed the sale price well above the vendor’s reserve of $2.5 million.
“It was a big result, given comparable sales on one acre in the area had sold for between $2.3 million and $2.6 million,” he said.
The home on one of Eltham’s most sought-after streets was bought by a local family looking to upsize.
The vendors are planning to move to “some acreage further out of town,” Mr Kurtschenko said.
Records show the block previously traded for $1.26 million in 2014.
Meanwhile, in Vermont South in Melbourne’s outer east, a home in one of Melbourne’s most iconic suburban streets has sold for $1.6 million.
The four-bedroom home at 1 Pin Oak Court – better known as Ramsay Street in the long-running TV soap Neighbours – was sold at auction on Saturday morning by Barry Plant director, Barry Plant, who said he remembered selling vacant blocks of land in the once quiet cul-de-sac for “under $6000”.
He said the court was now one of Australia’s most famous suburban streets and name-dropped actors including Kylie Minogue and Craig McLachlan, who had walked the street over the 35 years the show has screened.
“It’s a celebrity property in a street that has been all over the world,” he said.
The home at 1 Pin Oak Court, listed with a price guide of $1.3 million to $1.43 million, was the on-screen home of Jarrod “Toadfish” Rebechi and before that Ramsay Street’s resident stickybeak, Mrs Mangel.
Records show the home previously changed hands for $235,000 in 1991.
Aside from the cachet of living in the soap setting, the residence features three living zones, a renovated kitchen and a wraparound verandah for entertaining.
Vendor Lorraine Rushton, who is seeking a sea change, had lived in the famous home for 30 years.
An apartment in another iconic property – the former Chevron nightclub – at 5/9 Commercial Road, Melbourne also sold at auction on Saturday for well above the vendor’s reserve of $845,000.
The glamorous two-bedroom apartment in the famous 1930s building – better known as a hotel and nightclub frequented by Melbourne’s A-listers – was snapped up for $893,000 by a home buyer who is renting another apartment in the building.
“She loves the building so much, she wants to stay there,” said listing agent Sam Fenna from Belle Property Carlton.
The ground floor residence came with access to the building’s swimming pool, gym and barbecue facilities as well as a private entrance shared with one other apartment.
The apartment last changed hands for $620,000 in 2016, records show.
In Northcote, a family home with a stylish extension soared $600,000 above its reserve and the top of the price guide.
The four-bedroom house with studio at 19 Brooke Street traded for $3.6 million.
Eight parties registered to bid on the renovated Edwardian, listed with a guide of $2.8 million to $3 million, Jellis Craig Northcote selling agent Sam Rigopoulos said, and four threw their hat in the ring in front of a 200-strong crowd.
Proceedings began with a vendor bid of $2.8 million, before rising quickly in $50,000 increments to the $3.5 million mark before the pace slowed.
“It just went off like a rocket,” Mr Rigopoulos said. “It was just super strong bidding.”
The winners were an upsizing local family, with interest largely from locals upsizing as well as one party from Sydney.
“$600,000 over the top of the range was very much unexpected but welcomed by the vendors,” he said.
He said the scarcity of similar homes for sale nearby made it a standout, with seven qualified underbidders now left without any comparable properties in the same suburb to consider.
He hoped more sellers would list soon to absorb the demand rather than waiting until spring, warning that it was unclear how long they would enjoy booming prices until the current run peters out.
The commission was donated to Westgarth Primary School after the sellers secured the option for an auction at the school fete.
With Elizabeth Redman
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