Melbourne auctions: Thornbury house fetches $2.02 million, soars $260,000 above reserve
A family dropped $2.02 million for a stylish Thornbury house at auction on Saturday, the last weekend before property taxes rise for some homes.
The renovated three-bedroom house at 108 Woolton Avenue beat its reserve by $260,000 after four bidders competed.
It was one of 1267 auctions scheduled in Melbourne on Saturday, a busy day after some sales were rescheduled from the recent circuit breaker lockdown.
By evening, Domain Group recorded a preliminary clearance rate of 75.8 per cent from 895 reported results.
Bidding began at $1.6 million, the bottom of the price guide of $1.6 million to $1.76 million.
It was countered very quickly with a $100,000 raise to $1.7 million, selling agent and auctioneer Sam Rigopoulos of Jellis Craig said.
Bidding then rose in $20,000 and $10,000 increments before selling for $2.02 million to a family moving from a nearby northern suburb.
“It was a super result,” Mr Rigopoulos said.
“I think it could be one of the strongest sales on that side of St Georges Road.”
He also sold a single-fronted three-bedder in Northcote for $1.81 million to a young couple.
The home at 29 Charles Street had a guide of $1.5 million to $1.65 million and drew three bidders, beating its reserve of $1.7 million.
He had auctions scheduled on Saturday, but five sold prior.
“It feels like that buyer demand is very strong at every price point,” he said. “Every price point has had multiple bidders.
“Unless enough stock comes on to meet demand, it’s very likely prices will continue to grow.”
Stamp duty will rise from July 1 for property sales over $2 million, but he said this had not yet had a big impact on buyers, although it could prove to be an issue in the future.
For properties under $1 million, a temporary pandemic-era stamp duty discount will end from the same date.
It was one selling point for a renovated cottage in Seddon, listed with price hopes of $870,000 to $940,000.
Two bidders competed up to $920,000 at the auction of 105 Williamstown Road before the home passed in and sold by negotiation for $980,000.
A first-home buyer mindful of the tax discount won the keys, Jas Stephens listing agent Tate Moore said.
“It was a big driver for this particular buyer,” he said. “This vendor pencilled their auction in for this date [because of the tax change].”
Mr Moore has seen a few auctions sell for less than $1 million recently and said the market has been strong with no impact from the last lockdown.
In Strathmore Heights, a mid-century home with scope to improve or rebuild sold at auction for $1,072,500.
The three-bedroom house at 3 Clayton Road on a 744-square-metre block drew three bidders hoping to build their dream home or renovate and was on the market at $990,000, Nelson Alexander listing agent David Vaughan said.
He also sold 24 Rosebank Avenue, Strathmore, amid competition from two bidders, for $2.11 million.
“The market is good, the market is strong,” he said.
“Stock levels are still fairly tight so I do anticipate the market is going to remain fairly tight for family properties.”
In Fitzroy North, a former pub-turned-renovated family home sold to a young professional family for $2,335,000.
The reserve for 208 Park Street was set at $2.2 million, the top end of the price guide of $2 million to $2.2 million.
Two bidders competed in front of a large crowd in a hot auction that began at $2 million and rose rapidly in $20,000 increments, Nelson Alexander listing agent David Sanguinedo said.
“We are finding that there are buyers very eager to bid, especially when they see other people that validate that price,” he said.
But he did not think the looming tax change for $2 million-plus homes was playing a big role in the market at this point.
Further north, a family home in Mickleham sold at auction for $595,500 under competition from six parties.
Bidding kicked off at $490,000 for the four-bedroom house at 16 Selwood Road, with the price rising above the reserve of about $565,000, Ray White Glenroy listing agent Brian Mishra said.
“It was crazy,” he said.
“A year ago there wouldn’t be an auction in this area.”
He said low mortgage rates were drawing first-home buyers into the property market, with a rush of interest after the recent lockdown ended.
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