Melbourne auctions: Mont Albert North home in need of renovation fetches $1.17m in scant auction weekend
An older-style home in Mont Albert North sold for $1.17 million under the virtual hammer on Saturday, in what appeared to be the only auction held in Melbourne.
The scant auction volumes are a rarity for the first weekend of spring, with auction numbers usually only so low at Christmas, Easter, public holidays and the traditionally quiet January period.
December 29 last year had just one auction, and Easter Saturday the same year had just six, for example.
Only 16 auctions had been scheduled in Melbourne on Saturday, with many vendors keen to sell prior or postpone sales until restrictions ease. There were 679 auctions booked on the first Saturday of spring last year.
By evening, Domain Group recorded a preliminary clearance rate of 33.3 per cent from 12 reported results. Four homes sold, a figure that includes sales prior to auction. Eight auctions were withdrawn, and withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Ray White auctioneer and agent Peter Schenck said it was an odd feeling being maybe the only auctioneer selling on Saturday but he was happy to be auctioning at all after taking a break for five weeks.
“It might be the only auction, but it felt good getting back in the saddle again,” he said. “A lot of auctions were pulled when we couldn’t get buyers through them. We had eight listed to be only online auctions [but this was our only one to go ahead].”
The three-bedroom home at 3 Allison Road was sold sight-unseen because it was in mostly original condition and needed a renovation.
After a 50-minute auction between three bidders and 83 bids, it sold for $1.17 million to an owner-occupier who plans to renovate it. Its quoted price guide was $1.08 million to $1,188,000.
“I think it is what it is – it’s a ’60s brick veneer that needs renovation,” Mr Schenck said. “The buyers bought it basically [knowing only] that. He did a drive by.”
He said the under-bidder would have knocked the property over to build a two-unit development.
The sale comes as Melbourne house prices fell 1.2 per cent in August, the largest drop of any capital according to CoreLogic data released this week, as the city waited out its stage 4 lockdown.
In other property news, the Victorian government moved to extend the rental eviction ban on Thursday, taking it to March 28 next year.
Outside metropolitan Melbourne, in Geelong’s Highton a brick home on a large 1003 square metre block sold in post-auction negotiations.
The four-bedroom home at 2 Sunset Court was built by Wookey Builders, a popular company in the bayside town, Barry Plant agent Julia Warren said.
“They have a great reputation; they were big in the ’80s and ’90s,” she said.
The home had a quoted price guide of $900,000 to $990,000 and received just one bid at the bottom of the range.
It passed in, then sold after to the sole bidder for $950,000.
Ms Warren said the vendors were relocating and the buyers looking to upgrade.
“A local upsizing in terms of a bigger block and they wanted a single-level home,” she said. “They’ve simplified their type of home, but they still have lots of space.”
In nearby Belmont, a three-bedroom home passed in with one bid and was yet to sell at the time of writing.
The brick house at 5 Olwen Avenue was listed for sale with a quoted price range of $500,000 to $550,000.
One bidder offered to pay $470,000 for the home, and it passed in without any more bidding.
Barry Plant agent Matthew Constantine said two bidders had registered and a third popped out of the woodwork following the pass-in.
“The highest bid now post-auction is $505,000 so we’re not too far away,” he said. “It’s on the boil.”
After the auction, Mr Constantine listed the home for sale with a price guide of $529,000.
He said two investors and an owner-occupier were now vying for the property behind closed doors, and that it was odd for investors to be in the running.
“The most interested is an investor, which is counter to what’s happening in the rest of the market,” he said. “It’s mostly first-home buyers and owner-occupiers driving that price point.”
Mr Constantine said the home was good value.
“It has three living zones and it was built in about 1967 and it’s had one owner in that time,” he said. “It’s really untouched which is hard to come by.”
Further afield in Warrnambool, another three-bedroom home sold after a short auction.
Bidding for 14 Skiddaw Crescent began at $340,000, in the quoted price range of $330,000 to $360,000.
After five bids it sold for $357,500 to a first-home buyer, Ray White agent Harry Ponting said.
“It was bought by a first home buyer from out of town who recently missed out on another property so she’s absolutely ecstatic,” he said. “She only viewed this one for the first time at 4pm yesterday and then came through again this morning for a look with her parents.”
Mr Ponting said there had been strong interest in the home, which caused him to adjust his price expectations.
“Originally we had feedback at around the $300,000 to $330,000 mark but then changed it to $330,000 to $360,000 and got a lot of interest. It was fairly hectic this week,” he said. “The Warrnambool market was strong before COVID but it’s continued to stay really solid during this time as well.
“Buyers are everywhere and there is not enough supply for them which is resulting in multiple bidders at properties like [this] and good results.”
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