Melbourne home sells $560k above reserve as winter market heats up
A four-bedroom home in Melbourne’s east surprised agents and the vendors when it sold for an enormous $560,000 above the reserve on Saturday.
The home, at 7 Dunstan Street, Balwyn North, sold under the hammer for $2.76 million — well above the $2.2 million reserve after five bidders, all families, battled it out for the keys.
Belle Property Balwyn director Maurice Di Marzio said the home had been in the same family for 65 years and was sold as part of a deceased estate.
The home had some renovations over the years, but still had a lot of original charm.
The vendors, who were emotional on the day, were surprised and “very happy”, with the outcome, Mr Di Marzio said.
“I think it was emotional because they had grown up there and gone to school in the area but it was time for them to move on,” he said.
The vendors were also extremely happy the home was going to another family they hoped would have it for 65 more years.
The result was one of many successful sales at the weekend as Melbourne’s market shifted into gear after coming out of its fourth COVID-related lockdown in June.
By the end of Saturday, Melbourne’s preliminary auction clearance rate was 76.4 per cent after 977 auctions were scheduled and 720 results were reported.
There were 70 properties withdrawn from auction, which were counted as not being sold as part of the clearance rate.
A large home with a tennis court, pool and a three-car garage in Melbourne’s north-eastern suburbs, sold under the hammer for $3.474 million — $174,000 higher than when it was declared to be on the market.
The home at 48 Websters Road, Templestowe, saw seven bidders register, but four go head-to-head for the property, which had been owned by the vendors for more than 10 years.
RT Edgar Manningham director and auctioneer James Hatzolos said the vendors had spent $1.8 million updating and renovating the home over that time.
“All the bidders were families and it came down to the last two fighting it out,” Mr Hatzolos said. “It really just took off.”
Mr Hatzolos said the weekend in Melbourne had been very busy, with lots of Melburnians looking at homes for sale, after being out of lockdown for a few weekends.
“There’s still a lot of confidence and inquiries,” he said. “There’s a lot of demand.”
It was a similar story in Balaclava, in Melbourne’s south, where a California bungalow-style home that had been used as an investment sold under the hammer for $2.95 million after two bidders fought it out for the keys.
One was an investor, the other a family who eventually became the buyers of the three-bedroom home at 131 Westbury Close.
The Agency Port Phillip partner and auctioneer Eyal Malka said the vendors, who had owned the home for 11 years, were planning to renovate it and extend the home but changed their minds.
They had been renting to people who lived in the same street and had been renovating their own home, Mr Malka said.
“Two couples have already approached the new owners because they are also renovating and want a rental,” he said.
Mr Malka said investors had been returning to Melbourne’s market, with many looking to invest in larger properties such as homes or townhouses.
He also reported a busy weekend, although it depended on the type of property listed.
Buyers were looking for bigger properties and apartments were struggling to sell, he said.
In Melbourne’s inner west, a three-bedroom home at 18A Bayview Street, Williamstown, sold for $1.775 million after initially passing in at auction.
Only one bidder raised their hand at the auction, seeing it go to post-auction negotiation, Greg Hocking Elly Partners Wayne Elly said. A downsizer bought the property after an agreed price was reached.
“It was a good price,” Mr Elly told Domain.
The vendors, who had bought the property 20 years ago from a developer, are now looking to make a tree change, he said.
Another four-bedroom home at 6 Daffodil Street, Bentleigh East, also sold after initially passing in for $1,660,500 — above the $1.47 million to $1.57 million asking price range.
Woodards Bentleigh selling agent Ryan Counihan said the vendor had bought the property 10 years ago as an investment and was moving it on.
The new owners would be looking to knock down and rebuild a home in the next few years, Mr Counihan said.
A corner block with an older home on it in Melbourne’s west sold after the owner, an investor from New Zealand, was wary of the costs involved with Victoria’s new rental laws.
The three-bedroom home at 29 Curlew Avenue, Altona, sold for $1.185 million under the hammer — $205,000 above the reserve.
The property, which had been a rental, sold to owner-occupiers who were one of three bidders looking to make it their home.
Barlow McEwan Tribe Altona selling agent Anthony Molinia said his client was worried about the new laws that require homes to meet new minimum standards including having locks on all windows and regular checks on gas and electrical appliances.
“Because of the new rules and regulations with the tenancy legislation he believed it would get more and more expensive,” Mr Molinia said.
The new owners were planning to renovate the property in the future, he said.
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