Melbourne auctions: Malvern townhouse sells for $3 million as in-person auctions restart
A Malvern townhouse sold for $3 million in post-auction negotiations as Melbourne welcomed back in-person auctions for the first time in months this weekend.
The four-bedroom, double-storey home at 32a Milton Parade drew three bidders but passed in under the hammer and sold soon after.
It was one of 923 auctions scheduled in Melbourne on Saturday, although many still chose to go ahead online.
By evening, Domain Group recorded a preliminary clearance rate of 76.3 per cent from 748 reported results, while 111 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Proceedings started with a vendor bid of $2.6 million, which was immediately followed by a rapid-fire succession of bids by two enthusiastic parties.
At the $2.8 million mark, a third party entered the fray, and bidding continued until a $2.93 million crescendo, at which point the house was passed in.
Marshall White Stonnington auctioneer Justin Long said negotiations with the winning bidder were swift.
“Bidding between all three parties was really strong until the $2.9 million mark, then things started to slow slightly,” he said. “Ultimately, the winning party reached an agreement with the vendors at $3 million, which was the reserve price of the property.”
Mr Long said the winning party had only seen the Milton Parade property – complete with heated pool and cinema room – for the first time yesterday, so the sale was a shock, given the young family had originally been looking for a period home.
“It was a bit of a surprise, but obviously, it shows that buyers are still willing to compromise if they find a place they fall in love with,” he said.
In the inner west, a two-bedroom, mid-century brick home in Yarraville sold for slightly more than $2 million.
An unrenovated property, 18 MacKay Street had a price guide of $1.85 million to $1.95 million and a reserve of $1.9 million.
The auction had three serious bidders, and the winning party was a local family who will now look to demolish and build a new family home on the 533-square-metre block.
The auction was conducted online via Zoom, with Craig Stephens of Jas Stephens Real Estate explaining that, although in-person auctions were once again permitted, the relative ease of use and accessibility provided by online auctions meant they were still proving popular with younger buyers.
“Almost all of our Zoom auctions have been very successful, and we’ve been able to achieve a 90 per cent clearance rate with digital auctions,” Mr Stephens said.
“We feel as though Zoom provides an open and transparent platform for auctions, and it’s helpful with the 25-to-45 age demographic.”
In Burwood East, a family home sold for $1,663,000 at virtual auction, soaring $263,000 above the reserve price.
The four-bedroom house at 4 Skene Street offered scope for renovation and had been listed with a price guide of $1.4 million to $1.5 million.
Bidding began at the bottom of the price guide and rose fast in a mix of increments mostly ranging from $10,000 down to $1000.
Six bidders fought it out, with the race narrowing to two after the price reached $1.61 million.
The buyers were a family who will likely live in the home in the near term and consider building their dream home on the large 823-square-metre block later, said Fletchers Blackburn auctioneer and selling agent Ben Williams. The sellers had lived in the home since 1973 and are now moving into aged care.
“The market is holding up really well since we have come out of the lockdown period for real estate,” Mr Williams said. “There has been a lot more stock … demand is still far outstripping supply.”
He said buyers had become comfortable with the online auction method, which is why the sale went ahead virtually rather than in person on Saturday.
With Elizabeth Redman
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