Melbourne auctions: Middle Park home sells for $9.8 million on bumper auction day
Melbourne’s preliminary auction clearance rate has fallen to its lowest point since lockdown six, as a rise in homes offered for sale soaks up pent-up buyer demand.
There were 1472 auctions scheduled in Melbourne on Saturday, a Super Saturday that offered buyers more choice and tested the depth of their interest.
By evening, Domain Group recorded a preliminary clearance rate of 65.6 per cent from 1,118 reported results, while 167 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The last time the preliminary figure was lower was on September 4, at 64.5 per cent, when only 418 auctions were scheduled and physical property inspections were banned in lockdown. The market picked up once restrictions eased, but has recently shown signs of softening.
The preliminary figure is likely to be revised down a few percentage points as more results are reported. A clearance rate of 70 per cent roughly correlates to 10 per cent annual price growth.
An expansive four-bedroom home in Middle Park sold under the hammer for $9.8 million at auction on Saturday, after the opening offer left the price guide in the shade.
The inner bayside residence was among the standout sales on a bumper auction day in which several other vendors accepted prior offers or passed in homes and entered post-auction negotiations.
On a particularly blustery morning in Melbourne’s City of Port Phillip, more than 150 onlookers crowded around the Edwardian-era home at 76 Armstrong Street. They watched in awe as three parties bid for victory.
Emotions and desire for the gorgeous property ran high, as the opening bid was a whopping $9.55 million, which was $750,000 more than the top end of the $8 million to $8.8 million price guide.
The staggering opening offer took the two other parties by surprise, as auctioneer Simon Gowling of Greg Hocking Jellis Craig Port Melbourne was left hanging for several moments before a retort in the form of a $20,000 raise was made.
But the party who had made the shockingly bold first offer wasn’t having a bar of it and continued making $50,000 counteroffers until both other bidders silently shook their heads in defeat.
As Mr Gowling dropped the hammer on the hard-fought auction at half a million dollars more than the vendor’s $9.3 million reserve, the winning bidder triumphantly shot both arms up in celebration as the large crowd applauded.
Greg Hocking of Greg Hocking Jellis Craig Port Melbourne said the buyer and his wife had fancied the Edwardian home for several years and were tenacious throughout the auction.
But it wasn’t all positive signs on Saturday, with several properties passing in at auction, further indicating a slowdown in the city’s real estate market.
A contemporary three-bedroom home in Yarraville failed to get across the line at auction, passing in at $975,000, about $40,000 short of the reserve.
Selling agent Tate Moore of Jas Stephens Yarraville said despite the home’s great location and amenities, the campaign for 56 Stanger Street had been quiet, with only 12 people attending the in-person sales event.
Two active bidders showed interest in the property, and Mr Moore is confident the home will sell following more negotiations.
In Melbourne’s south-east, a three-bedroom home in Ashwood attracted the attention of five active bidders, selling under the hammer for $967,5000 against a vendor’s reserve of $860,000.
Bidding kicked off at $800,000, but the price quickly rose as four parties in attendance, and one online, fought earnestly for 2/5 Karrin Court.
When all was said and done, the winning bidders were a young family and first-home buyers. According to selling agent Diana Kozlowska of Shape Property, both the buyers and sellers were thrilled with the result.
An architecturally designed, 1980s-built home in Ormond surprised everyone when it smashed its $2.3 million reserve, selling for an impressive $2.88 million at auction.
The home at 14 Thompson Street offered a genuine, unique design language and provided a blank canvas for its new owners, who had been searching for a family home since March.
The five-bedroom, solid brick home was fiercely contested at the auction, and according to selling agent Campbell Cooney of Hodges Real Estate Bentleigh, the result had left the vendors stunned.
“Our range was $2.1 million to $2.3 million, and it looked like we were going to go just over that,” Mr Cooney said.
“And then it goes and sells for $2.88 million – the vendors are shocked. It’s more than anyone expected.”
Mr Cooney added that even though there were signs of a cooling market, including a decreased level of foot traffic and average bidders in recent weeks, unique properties, such as this one never have any trouble selling.
“The good ones [homes] look after themselves, but they do even in tough times,” he said.
On Victoria’s Surf Coast, a modern five-bedroom home in Jan Juc failed to score a single offer at auction, passing in on a vendor bid of $4.2 million, well short of the property’s $4.495 million reserve.
Despite 42 Bells Boulevard’s sizeable and well-appointed residence, massive 20,234-square-metre block and close proximity to the iconic Bells Beach, nobody put their hand up at the quiet auction.
Selling agent Bryan Hayden of Hayden Real Estate said several parties are still interested in the property, and he is confident the home will be sold following more negotiations.
In Melbourne’s inner northern suburb of Thornbury, a four-bedroom brick home sitting on 485 square metres passed in at $1.7 million, notwithstanding the property’s $1.48 million to $1.58 million quoted price guide.
Bidding for 188 Raleigh Street commenced with an opening offer of $1.45 million and rose steadily as two parties competed for the 1960s-era home.
Even though the home was passed in, Anthony De Iesi of McGrath Northcote said he was sure a positive result was not too far away, following some more negotiation, adding that the final sale price would not be much more than $1.7 million.
Another home that couldn’t quite find momentum at auction today was 22 Kelsall Court in Hampton East.
The mid-century brick residence garnered good initial interest through the sales campaign, said Noel Susay of Buxton Hampton East, and presented as a unique opportunity, especially considering its north-facing aspect and view of Basterfield Park lake.
“We had a genuine bid of $1.8 million, which was passed in, and then we negotiated that number up to $1.85 million,” Mr Susay said of the three-bedroom home.
“We’ve now put an asking price of $1.9 million on the property, and I reckon it will go pretty quickly.”
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