Melbourne auctions: Heathmont house fetches $1.28 million after marathon virtual bidding
Buyers who had already sold their own home and needed to find somewhere to live fast snapped up a renovated Heathmont house at virtual auction for $1.28 million on Saturday, as life must go on, even in lockdown.
Five bidders fought it out for the five-bedroom residence at 16 Miller Road, with proceedings stretching out to a marathon 40 minutes as agents ensured all parties had the chance to get their offers in online.
It was one of 272 auctions scheduled in Melbourne on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 57.6 per cent from 165 reported results, while 71 auctions were withdrawn.
Of the auctions that did go ahead as virtual auctions, 63 per cent sold.
The contemporary home on an 859-square-metre block was listed with a price guide of $1.15 million to $1.265 million.
Bidding began at $1.05 million and quickly rose to $1.258 million, where the momentum slowed.
With five bidders – mainly upsizers – fighting it out, the price continued to edge higher, eventually in increments of as little as $500.
After thorough checks that each of the bidders had made their best offer, Ray White auctioneer Jeremy Tyrrell finally brought the hammer down at $1.28 million, some $80,000 above the reserve.
Ray White listing agent Michael Nguyen made sure each party had the chance to make their final bid without missing out due to any technical issues, communicating with bidders via phone calls, text messages, and messages on the Google Hangout where the auction was held.
“I felt like it was an on-site auction,” Mr Nguyen said.
“Other buyers see another buyer is on the phone with me – it shows more competitiveness.”
The sellers, both architects, were looking for their next project after transforming the home, he said.
“I’m finding that buyers would prefer to have something that is completely finished and done,” he said.
“They can move in without renovating or doing anything to the property.”
Elsewhere, a four-bedroom house in Canterbury owned by the same family for 80 years drew half a dozen bidders and a result $420,000 above reserve.
The single-level home at 53 Alexandra Avenue was advertised with a price guide of $2.6 million to $2.75 million and scope for updating or a new build.
The virtual auction began with a vendor bid of $2.6 million and rose in mostly $25,000 jumps, before shortening to offers of $10,000.
From $3 million it was largely a two-horse race, in increments as small as $2000. The carefully explained 45-minute process came to an end at $3.17 million, well above the reserve of $2.75 million.
Marshall White listing agent Kathy Malcolm said it was an “amazing result”, with both sellers and buyers happy.
The opportunity to live in the home comfortably for a couple of years and then look to redevelop was a drawcard for bidders, she said, with the eventual buyers also drawn to the location nearby Canterbury Girls High School.
“Things are ticking along as normal, just in a different way,” she said.
In Ascot Vale, four bidders fought tooth and nail for a double-fronted period house, inching the price to $1,332,500.
The lengthy sale of 159 Kent Street came down to a string of modest $500 bids.
Offers for the three-bedroom house started at $1.15 million and edged up to $1.25 million when the home was declared on the market.
At $1.22 million one party dropped out, then another left the bidding after $1,275,000.
The virtual hammer fell at $1,332,500, after what Nelson Alexander selling agent Jayson Watts described as an “incredibly long” auction.
“[It] shows there is still strength in the housing market,” he said.
“We don’t have anywhere near the level of stock we need for this time.”
The well-presented home, painted and dressed by its stylist vendor, attracted young couples without children, he said.
A villa unit in Cheltenham also attracted four bidders, mostly first-home buyers with one downsizer.
The two-bedroom pad at 5/10 Baringhup Street was listed with a guide of $550,000 to $600,000.
Bidding opened at $500,000 and rose quickly before selling for $615,000 to a first-time buyer, Barry Plant Mordialloc listing agent Chris Kavanagh said.
“That is one of the segments of the market at the moment we are finding is particularly strong,” he said.
“Anything we have up to or about $750,000 is comfortably selling within 30 days at or above expectations.”
He attributed the buying to rock-bottom interest rates that make buying an attractive option compared to renting, as well as state government grants.
Another competitive virtual auction in Mont Albert North secured a sale under the hammer of $920,000.
Four bidders threw their hat in the ring for the three-bedroom home at 4/27 Francesca Street.
Fletchers Canterbury auctioneer Tim Heavyside struck a gentle pace and asked each party to confirm when they were out of the virtual bidding.
An opening offer was made at $850,000 and the price rose in $10,000 and $5000 increments.
It was called on the market at $900,000 and the stride shortened, with varying offers as low as $1000, before selling for $920,000.
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