Melbourne virtual auctions: South Melbourne home sells for $1.471m in hot spring auction weekend
A single-fronted, single-storey Victorian cottage in South Melbourne sold for a whopping $1.471 million in a hot virtual auction on Saturday, $271,000 above the price at which it was declared on the market.
The two-bedroom home at 364 Dorcas Street, an investment for the vendors for most of the past 20 years, sold to a young couple planning to renovate. There were five active bidders.
It was one of 858 auctions scheduled in Melbourne on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 74.3 per cent from 686 reported results, while 89 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The South Melbourne house was declared on the market after an opening bid of $1.2 million, and sold after a flurry of 91 bids from interested buyers. In the end, the winning bidders made an extra $1000 offer to seal the deal.
Belle Property South Melbourne director and auctioneer David Wood said the couple were now keen to roll up their sleeves and renovate.
The property had been very popular, fielding more than 100 inquiries, despite the fact the market was in lockdown for most of the time the home was advertised and people could not inspect homes.
Mr Wood said the campaign had been extended for two weeks to allow people to look through the home once lockdown rules had been eased.
“It just shows the strength of prices for period homes on their own land, close to the city,” he said.
It was one of several period-style homes that successfully sold under the virtual hammer on Saturday, although others passed in before selling directly afterwards. Agents highlighted extra stock in the market, unrealistic price expectations and bidder nerves.
An art deco-style home at 123 The Eyrie, Eaglemont, exceeded expectations when it sold under the virtual hammer for $1.595 million, $175,000 above the price at which it was declared on the market.
The street is in an historically significant area whose bush surroundings were said to have inspired the famed Heidelberg School of Artists.
Nelson Alexander Ivanhoe selling agent Christian Cortese said 10 bidders registered, with just four getting the chance to raise their virtual paddles.
An opening bid of $1.35 million set the scene, followed by a flurry of $10,000, $5000 and $1000 bids. The home was sold to a local buyer looking to secure an investment home her parents would be able to live in.
In Carnegie, in Melbourne’s south east, a five-bedroom California bungalow at 62 Tranmere Avenue sold online for $2.06 million, above the $1.85 million to $1.95 million price guide.
The auction opened with a vendor bid at the bottom of the price guide, Woodards Carnegie director Ruth Roberts said, with a young family the ultimate buyers.
“They were the perfect buyers for the home,” Ms Roberts said, adding that the property had been owned primarily as an investment by the vendors for 18 years.
Closer to the city, in Carlton, another single-fronted Victorian cottage sold under the virtual hammer for $1.11 million, above the $1 million to $1,050,000 price guide.
The two-bedroom home at 100 Station Street was snapped up by first-home buyers wanting to get into the local market. They were one of just two bidders at the “very low key” online auction which opened with a $1 million bid.
“The vendors had owned the property since 1971 and it was always an investment for them,” Nelson Alexander Carlton partner Janine Ballantyne said. “They just decided it was time to sell and it was a good result.”
A three bedroom home at 27 The Parade, Ascot Vale, passed in after a vendor bid of $1.3 million and a buyer bid of $1.31 million.
The home sold an hour later for $1.4 million, which was at the top end of the property’s advertised price range.
“I personally think there’s been a lot of stock coming on to the market in the past week and a half so it’s giving buyers a bit more choice now,” Nelson Alexander Ascot Vale partner and selling agent Jon McKenna said.
It was a similar story in McKinnon, south-east of the city, where a four-bedroom home at 3 Hall Street passed in at $2.05 million, before selling for the same price.
The property, in the sought-after McKinnon Secondary College zone, received a vendor bid of $2.04 million before receiving its $2.05 million bid from a young family who became the ultimate buyers.
Buxton Real Estate Bentleigh auctioneer Craig Williamson said the family were now deciding whether to knock down and rebuild or renovate the home.
Mr Williamson said vendors were now needing to be more realistic with their reserves and price expectations, as more homes were coming on to the market.
“It’s a fantastic time for buyers because there’s more property coming on to the market for spring and it’s one of the best runs of choice for them,” he said.
In Box Hill North, a home selling for its land value at 94 Severn Street was passed in on a bid of $1.87 million.
It later sold to a local developer in competitive post-auction negotiations for $1.986 million, above the price guide of $1.8 million to $1.9 million.
“There were multiple bidders but they were spooked at the online auction,” Barry Plant Blackburn selling agent James Goulopoulos said. “They were definitely holding their cards closer to their chest.”
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