Melbourne online auctions: Elwood house soars almost $900,000 above price guide
A stylish family home in Elwood soared almost $900,000 above its price guide at a virtual auction on Saturday, with buyers undeterred by Melbourne’s latest lockdown.
Three parties fought tooth and nail in a marathon sell-off for 3 Addison Street that lasted more than an hour and a half, trading bids as small as $1000 for much of the proceedings.
It was one of 1109 auctions scheduled in Melbourne on Saturday, although some vendors tried to get deals done prior rather than going to virtual auction.
By evening, Domain Group recorded a preliminary clearance rate of 66.0 per cent from 605 reported results while 185 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding for the four-bedroom Elwood house began at $2.45 million, within a quoted price range of $2.3 million to $2.5 million.
Two parties competed up to $2,655,000 when a third bidder entered the race.
The price then rose in mostly $5000 increments, before shortening to $2500 and then mostly $1000.
The hammer fell at $3.39 million to a family.
“It was an epic result,” Marshall White Bayside selling agent Lesley Pianella said.
“The vendors are thrilled; the purchasers are thrilled.”
Potential buyers had been able to inspect the home before lockdown began and were drawn to the lifestyle suburb, she said.
“It is the best market I have seen in five or six years of real estate,” she said.
“It is about pent-up post-pandemic demand … houses and townhouses are really strong at the moment, and they are fetching 10, 20, 30 per cent above what we expect.”
Elsewhere, buyers were out in force for more affordable homes too.
A three-bedroom house in Keilor with scope to renovate sold for $765,500 under the virtual hammer.
The deceased estate at 47 Patterson Avenue was advertised with a reserve of $550,000, smashing expectations by $215,500.
Twenty-nine parties registered to bid, with nine participating, and some bidding sight-unseen, Ray White Craigieburn selling agent Daniel Diamantopoulos said.
He also sold a Craigieburn entertainer’s delight, complete with five bedrooms and a pool, for $967,000.
Six bidders, all families, competed for 41 Golf View Drive, which was offered with a price guide of $830,000 to $880,000. Mr Diamantopoulos declined to reveal the reserve.
With interest rates at ultra-low levels, he said there was still a “huge appetite” among buyers despite the lockdown.
“There is a bit of fear [that] if they don’t buy now, even if it’s sight unseen, they will be competing with more people out of lockdown,” he said.
“Supply and demand are definitely in the favour of the seller. Buyers are having to compete and pay more money.”
In Lalor, eight bidders, including first-home buyers and investors, registered to compete for another renovation project at 73 Kingsway Drive.
Six parties made offers for the three-bedroom house, pushing the sale price to $630,000, or $130,000 above its reserve.
A first-home buyer won the day and planned to spend some money on updating the home, Harcourts Rata & Co selling agent Mario Tucci said.
“The market is obviously flourishing at the moment,” Mr Tucci said.
“There were a couple of registered buyers for this property that did not actually see the property.
“I would envisage this is going to continue when lockdown finishes; I think it is going to go from strength to strength.”
Some vendors decided to sell prior instead of going through the online bidding process.
A three-bedroom townhouse in Hampton scheduled for auction on Saturday sold prior for $1.415 million in a quick deal, after keen interest from two groups.
The home at 1/3 Bronte Court is set in the same street as the upcoming season of reality renovation TV show The Block.
Jellis Craig Brighton listing agent Andre O’Brien said the home sat in between the lower price points of villa units, and the $2.5 million-plus family homes in the same suburb, and was perfect for the right buyer. With two parties interested at the hoped-for price, the vendor was happy to move forward.
A young professional planning to renovate bought the property.
Mr O’Brien said having newly renovated homes in the street was appealing to buyers, especially since filming of this year’s Block renovations has already wrapped.
“Hampton is a tremendous suburb but this wouldn’t be in the top tier of Hampton,” he said.
“Bronte Court for me is an aspirational location for people from out of the area wanting to move… rather than people with higher budgets who live near the beach.”
In Albert Park, a three-bedroom renovated home sold off-market, with the vendor deciding not to go ahead with a public campaign and auction during the restrictions.
The single-fronted residence at 12 Greig Street fetched $3.5 million, which Belle Property selling agent David Wood said was a price per square metre record for the sought-after suburb.
Designed by luxury builder Nik Spartels and set on 161 square metres of land, it fetched just over $21,700 per square metre.
“It was due to go to auction,” Mr Wood said. “The vendor was caught between, do I go and run the gauntlet or take a good offer?”
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