Melbourne auctions: Investor snaps up two-bedroom house in Middle Park for nearly $2m

An investor has shelled out $1.97 million for a Middle Park terrace house at auction, beating three other bidders to secure the home.

The two-bedder at 37 Langridge Street also attracted interest on Saturday from young couples and downsizers looking to live in the property, Marshall White selling agent Ben Manolitsas said.

It was one of 850 auctions held in Melbourne on Saturday. By evening, the Domain Group reported a clearance rate of 74.6 per cent.

SOLD - $1,970,000

37 Langridge Street, Middle Park VIC 3206

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Bidding started at the bottom of the quoted price range of $1.7 million to $1.8 million.

The auction was drawn out, with buyers taking time to consider each bid. The home was announced on the market at $1.9 million, but Mr Manolitsas would not disclose the reserve.

The investor came in late, offering two knock-out bids to scare off her competition and secure the property.

“It was a surprise, but she was an underbidder on another property with us and we were well versed in her bidding tactics,” Mr Manolitsas said.

He said the investor wanted to buy the property because she liked the home’s solid construction and nearly 200 square metres of land.

“The value is, it’s brick in its entirety, you’re moments from the beach, it’s a nice large street, it’s a Middle Park address, and it’s moments from the tram stop,” Mr Manolitsas said.

Stiff competition at auction meant buyers were keen to pay more than reserve to get out of a tough market, Mr Manolitsas said.

“They’re definitely coming in,” he said. “That fear of loss … is that if they don’t bid on this one, they’ll miss out on another one.”

The vendors were owner-occupiers, selling up to move into a larger home.

Public records show they paid $1.29 million in 2013 for the property.

Later in Carlton, a late-1970s townhouse sold for $350,000 more than its quoted price range.

SOLD - $1,750,000

170 Canning Street, Carlton VIC 3053

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Nelson Alexander agent Nicholas West was quoting $1.3 million to $1.4 million for 170 Canning Street, but “berserk” buyers pushed the price well past those figures, Wakelin Property Advisory director Jarrod McCabe said.

“Once it got put on the market at [$1.4 million] people just jumped in from the crowd,” he said.

Mr McCabe estimated there were about six bidders on the two-bedroom home.

“It’s a strong price, it was a hard one to judge the value on because there isn’t much to compare it to,” he said. “The rooms were good sized, it’s a good sized block of land and Canning Street is a popular street.”

In St Kilda East, a two-bedroom terrace sold for $971,000 in another hotly contested but light-hearted auction.

SOLD - $971,000

2A Myrtle Street, St Kilda East VIC 3183

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Five bidders turned up to buy 2A Myrtle Street, and were a mix of different buying demographics including owner-occupiers and investors.

The price quickly surpassed the quoted range of $810,000 to $890,000, with Gary Peer director and auctioneer Phillip Kingston bantering with the crowd in between taking bids.

He said the home was popular because it was modern and ready to move into.

“The property was one of those turn-key solutions to people’s housing needs,” Mr Kingston said. “You put the key in the front door you move in and you don’t have to do anything.

“The million-dollar range is fast becoming a range we don’t see properties in. It just goes to show sub-$1 million we’re going to have strong competition.”