Melbourne home owned by the same family for 95 years sells for $2.11 million
A home in Melbourne’s north-west owned by the same family for 95 years sold under the hammer for a massive $2.11 million on Saturday in a bittersweet sale.
The three-bedroom California bungalow at 24 Rosebank Street, Strathmore, was built by the McCubbery family in 1926, and stayed in the family ever since.
The long-held home was passed to another family, who were the winning bidders on Saturday, bidding above the $1.9 million mark when the home was called on the market. They now plan to renovate and keep the much-cherished home, which has many original features, in one piece, Nelson Alexander Essendon partner David Vaughan said.
“The vendors are absolutely rapt that the house is going to be kept and cherished,” Mr Vaughan said.
Andrew McCubbery, who had lived in the home for a short time, previously told Domain that the family had decided to let the home go after his uncle Reginald, who had been living there until recently, passed away.
The sale was one of a massive 1320 auctions scheduled on Saturday in Melbourne. By the end of the day, the preliminary clearance rate sat at 75.8 per cent after 895 results were reported.
There were 64 properties withdrawn from auction, which were counted as not being sold as part of the clearance rate.
Across the weekend, agents expected to see many sales as it was the last chance to buy before state government discount to stamp duty ends on June 30.
The discount of 25 per cent of stamp duty were available to people who bought existing homes for under $1 million. It was put in place during the worst of COVID-19 last year to help maintain property sales.
Since last year, Melbourne’s property market has boomed, fuelled by such government incentives, record low interest rates and people’s need for a bigger home, or at least one with more space, during the COVID-19 pandemic.
House prices rose by 4.8 per cent in the March quarter alone, with the house price median expected to hit $1 million this month.
But for some buyers, stamp-duty discounts were not a factor in their decision to buy, especially those in Melbourne’s inner east and south-east, where homes sold above $4 million on Saturday.
That included a five-bedroom home at 16 Ross Street, Kew, which sold under the hammer for $4,485,000 — well above the price guide of $3.9 million to $4.29 million.
Kay & Burton Hawthorn selling agent Sophie Su said the home was built just three years ago. The buyers, a local family, wanted a bigger and more modern home.
They were one of three bidders competing at the auction, she said.
Ms Su was also involved in the sale of 52 Argyle Road, Kew, which sold for $2.8 million, against a $2.5 million reserve. A family were also the buyers of the four-bedroom home, and were one of seven bidders at the auction.
“The vendor was very happy. They had owned the house for four years and were renting it out – they decided to sell up and buy something new,” Ms Su said.
In Glen Iris, another California bungalow that had been renovated and extended sold under the hammer for $4.28 million, smashing the $3.5 million reserve.
Fletchers Glen Iris director and auctioneer Michael Richardson said the price for the four-bedroom home at 3 Bourne Road, Glen Iris, stunned the vendors and agents watching on.
“The opening bid was $3.75 million, which was above the reserve,” Mr Richardson said.
With such a big opening bid, there were some buyers who had been knocked out of contention, he said, and decided not to bid at all. In the end, three bidders competed.
“I don’t think with these buying groups the stamp-duty discounts would have made a difference to whether they needed to buy before June 30,” Richardson said.
In Melbourne’s north-east, a six-bedroom art deco home, which had some renovations to modernise its interior, sold under the hammer for $3,601,000.
Nelson Alexander Ivanhoe auctioneer James Labiris said the home at 24 Wilfred Road, Ivanhoe East, was called on the market for just above $3.2 million.
A buyer, who is currently based in the United States, purchased the home, with a friend bidding on his behalf. He plans to return to Australia when possible, to make it his family home.
“The vendors were absolutely thrilled with the result,” Mr Labiris said.
The vendors, who had owned the house for more than 20 years, were now planning to downsize, he said.
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