Melbourne online auctions: Bonbeach fixer-upper sells for $1.95 million
A four-bedroom fixer-upper in Melbourne’s south-east sold for $1.95 million – more than $250,000 above the reserve – at an online auction on Saturday to a buyer who could not inspect it in person.
The coastal home at 12 Shenfield Avenue, Bonbeach, had been an investment for the vendors, who were selling as Melbourne’s market has been defying expectations during lockdown.
It was one of 311 auctions scheduled in Melbourne on Saturday, with many potential vendors waiting until restrictions ease.
By evening, Domain Group recorded a preliminary clearance rate of 76.2 per cent from 164 reported results, while 31 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Private inspections of unoccupied properties will be allowed once Victoria hits the 70 per cent first-dose vaccine milestone, perhaps as soon as next weekend.
“It sold well above what we were expecting,” Hodges Mentone auctioneer Mark Kosch said after the Bonbeach sale.
Bids opened at $1.55 million, with buyers raising the price by $20,000 increments. A late rush of $10,000 bids saw the property reach its sale price of $1.95 million.
Mr Kosch said 12 bidders registered, and nearly all were active. The buyer was planning to build a dream home on the 650-square-metre site just three blocks from the oceanfront.
The property was only listed for 18 days but had attracted lots of interest. The online auction had been brought forward by a week, Mr Kosch said, even though buyers were unable to look through the property in person.
“Ultimately, all this one is, is a knockdown so people didn’t need to see through it,” he said.
In the inner-east suburb of Malvern, a three-bedroom home – also a fixer-upper – sold for $2.415 million, well above its $1.7 million to $1.87 million price guide.
The property at 22 Euston Street had been a long-term investment for the vendors, who had rented it out for about 30 years.
Biggin & Scott Stonnington director and auctioneer Tom McCarthy said an opening vendor’s bid of $1.7 million kicked off bids of $50,000, with the auction setting a cracking pace.
“It was an extraordinary result,” he said.
The buyers were planning their next steps, which could include a knock-down and rebuild.
Like many properties, 22 Euston Street had been listed just before Melbourne’s latest lockdown, which has now lasted for more than four weeks.
“We had pushed the auction back thinking we’ll get out of [lockdown] … but those that liked it didn’t need to see it,” Mr McCarthy said.
Also east of the city, a four-bedroom home with an outdoor pool sold under the virtual hammer for $1.55 million, above the $1.3 million to $1.4 million guide.
Three active bidders battled for the keys to 9 Parkwood Rise, Ringwood North.
Bidding opened at $1.25 million, but stalled at $1.51 million with the auctioneer taking a break to consult the vendors. When he returned, the house quickly sold for $1.55 million.
Ray White Ringwood director and auctioneer Chris Watson said the home was one of 10 or 12 that had been sold purely virtually over the past two six weeks by the group.
“There had been some building inspections done on the place but it was sold 100 per cent virtually,” Mr Watson said.
The vendors, who had owned the property for 16 years, were planning to downsize and move to regional Victoria.
While Melbourne was in lockdown, regional Victoria was enjoying its first weekend of eased restrictions. In Geelong, where up to 10 people are now allowed to see through homes, buyers were out and about at private inspections.
However, an auction at 18 Torquay Road, Belmont, was still held online, given the amount of interest from Melbourne buyers unable to attend a face-to-face auction.
Ray White Highton auctioneer George Politis said 12 bidders registered for the sale, with half being from the local area and half from Melbourne.
The three-bedroom home was sold to a local buyer, who was planning to make it into an office and treatment rooms for a healthcare service.
The home sold for $752,000 – $122,000 above the reserve.
The vendors, who are living in Melbourne and had used the property as an investment, watched online as it sold.
“I have a few vendors outside of Geelong who can’t get into the state because of lockdown, I’m currently selling a home for a guy in Perth that can’t get back,” Mr Politis said.
In Wheelers Hill, a five-bedroom family home sold for $2.81 million at virtual auction.
Seven bidders, all families, registered for the sale of 5 Avery Court, of which four participated.
The home was on the market at $2.8 million, Biggin & Scott’s Ming Xu said, adding that the large land size and indoor swimming pool were drawcards.
The winners had seen the property in person before lockdown but the others had seen only photos or videos, he said.
“The lockdown does change people’s buying behaviours. Lots of buyers are able to bid without seeing the property,” he said.
With Elizabeth Redman
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