Melbourne auctions: Local family snaps up $2m Kensington house after it passes in
A Kensington house owned by the same family since the early 1980s sold bang on reserve for $2 million less than an hour after passing in, on Melbourne’s first weekend of physical auctions in months.
Two out of the six registered bidders competed under strict COVID-safe conditions for the four-bedroom home at 26 The Ridgeway, advertised with a price guide of between $1.85 million and $2 million.
It was one of 282 auctions scheduled in Melbourne on Saturday. Auctions are now allowed to be held in person subject to a cap of 10 attendees and the auction being held outdoors, after months of virtual auctions in lockdown.
The volume is far higher than the typical number of auctions on a grand final weekend as the match is to be held in Queensland at night.
By evening, Domain Group recorded a preliminary clearance rate of 61.9 per cent from 223 reported results, while 35 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding for the double-fronted Victorian-style property opened with a vendor bid of $1.85 million.
The price rose with a mix of $10,000 and $5,000 bids until it hit $1.91 million – just short of vendor expectations.
Listing agent Jayson Watts of Nelson Alexander Flemington said the property sold shortly after the auction concluded following negotiations with the vendors – who raised their family there and were now looking to move to the countryside.
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Five of the six bidders were Kensington-based and a local family were the successful purchasers.
“They’ve got three kids who go to the local primary school and they’re upgrading,” Mr Watts said.
“They had a family member who formerly lived in The Ridgeway and they had that location as a desirable location to move into.”
Along with the prestige associated with The Ridgeway address, the rarity of a double-fronted property had led to strong interest during the campaign.
“Most of the properties that come available in Kensington are the [smaller] period homes, and after seven to 10 years, people … outgrow them,” Mr Watts added.
“Of the double fronts I’ve sold, people tend to hold onto them for 20 years minimum.”
He estimated Kensington listings were about 40 per cent lower than usual and tipped demand would outstrip supply in the last seven weeks of 2020’s auction calendar.
Across town, a three-bedroom single-level home at 18 Toorak Avenue, Toorak passed in on a bid of $2.9 million after offers from two parties.
Six bidders registered for the property, and proceedings opened at $2.7 million – the bottom of the advertised price range.
Bidding stopped at $2.9 million, “not quite” reaching the vendor’s reserve, auctioneer and listing agent Jeremy Fox of RT Edgar Toorak told the crowd.
Fellow agent Jack Edgar said the property sold within an hour of the auction ending to the highest bidders for a price “within the quoted range” of $2.7 to $2.97 million.
Mr Edgar declined to reveal the reserve or final sold price.
He said the focal point of the campaign had been the rarity of finding a single-level house in the suburb.
“This is hens’ teeth. We had pretty good feedback considering there’s not much for sale in that single level market.”
In Seddon, Jas Stephens Real Estate’s Andy Simpson had two listings sell under the hammer.
A converted corner shopfront and adjoining residence at 31 Hamilton Street, Seddon sold for $1,455,000, some $55,000 above reserve to a local couple who recently sold another property on the same street.
The couple and their two young children beat two other parties to secure the keys to the three-bedroom, one-bathroom home.
And 44 Hyde Street, Seddon sold to a first-home buyer couple for $1,151,000.
The two-bedroom freestanding house was listed with a reserve of $1 million and a price guide of between $950,000 and $990,000.
There were 10 registered bidders, with six actively competing for the property.
Mr Simpson said the results were a positive sign for the coming weeks.
“The market is really hot at the moment. There’s been a pent up demand for properties [due to the lockdown],” he said.
Elsewhere, a three-bedroom, two-bathroom townhouse in Heidelberg sold under the hammer for $948,000.
There were 10 registered bidders for the property at 5/170 Cape Street, which had a quoted price range of $840,000 to $860,000. Five were active participants.
Listing agent Leanne Bradford of Miles Real Estate Ivanhoe said the new owner plans to live there.
Demand in the suburb had been high since restrictions on real estate inspections had eased, including from investors and downsizers.
“Since we’ve got out of lockdown it’s been hell for leather. It might have slowed down [now] but it hasn’t stopped,” Ms Bradford said.
In Fitzroy North a two-bedroom, one-bathroom townhouse sold for $88,000 above reserve, with the new owner putting down $838,000 to beat out six other bidders.
There were 13 registered bidders prior to auction for 252B Glenlyon Road – which was held in-person and online – a sign of the high demand for properties that aren’t apartments, according to Fletchers Manningham’s George Ozzimo.
“There’s limited supply in the market in Fitzroy North, [it’s] saturated with apartments but this was a terrace-style home with more spacious living areas,” Mr Ozzimo said.
The coming weeks would largely be dictated by the number of vendors willing to list before the end of the year.
“I think we’ll see some confidence come back to the market [but] it will just be based on the number of homes available. There’s a lot of pent up demand in the market,” he said.
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