Port Melbourne tenant stretches $35,000 past his budget but misses out on buying his rental at ‘emotionally charged’ auction
A Port Melbourne renter has been left heartbroken after missing out on buying the home he’s been living in from his landlord at auction, losing out to another resident from the same apartment complex.
Shane Stafford stretched $35,000 past his budget in the rapid-fire auction, in an effort to win the right to stay in the unit, where he and his wife have raised their daughters this past year.
“I’m probably too emotionally attached to it by the fact that I live there and the kids love it there,” he said. “If I wasn’t living there I wouldn’t have gone anywhere near that number.
“I’m probably too emotional, but I think I can buy something of that quality for that price somewhere else.”
The three-bedroom unit at 20/8 Graham Street, Port Melbourne, overlooks a park and has resort-style features.
Buxton selling agent Arthur Apostoleros said the building was popular with its residents, with the eventual buyer upgrading from a smaller unit in the complex.
“The two bidders were highly emotional, both of them live in the building at the moment,” he said. “It was a bit emotionally charged this one.”
Bidding opened towards the top of the $1.25 million to $1,325,000 price range, at $1.3 million. The two bidders went from $10,000 increments down to $5000, and then smaller, more irregular bids later in the auction.
It sold for $1,386,000.
The home last sold for $518,000 in 2001, records show.
Mr Stafford said it was back to the drawing board for him and his young family.
“I’ve got everything ready to go, so I’ll keep looking in the market,” he said. “If we can’t find something else I’ll keep leasing.
“[But] obviously with young kids I don’t want to move out and lease somewhere else for a year and make them move again.”
Mr Apostoleros said he couldn’t say when another similar apartment might come up for sale.
“Hopefully tomorrow,” he joked. “Three-bedrooms, two bathrooms don’t come up that often in this building.
“They take some time, so I’m not sure.”
It was one of 718 auctions held in Melbourne on Saturday, the last weekend of winter.
By evening, Domain Group had recorded a 75.7 per cent clearance rate from 535 reported results.
Earlier in South Yarra, an oversized, two-bedroom apartment went under the hammer in front of a large crowd.
The unit at 3/34 Kensington Road had a large and flexible floor plan and was in a small block, which drew at least five bidders, Wakelin Property Advisory director Jarrod McCabe said.
“There were five bidders that actually stuck their hand up and there were some that didn’t bid who intended to,” he said.
The apartment was listed with a price guide of $800,000, which was also the first bid.
“When the bid comes in at the top of the range, you know it’s going to be a good competition,” Mr McCabe said.
It sold to an owner occupier for $910,000. Mr McCabe said there were a few investors bidding, which was a renewed sign of confidence in the property market.
“We’re definitely seeing more investors out in the marketplace. There are favourable conditions and they have the ability to borrow more easily,” he said.
“There’s more confidence and that’s driving investors back into the marketplace.”
Later in Brighton, a four-bedroom villa passed in after a quick auction, but sold soon after.
Marshall White agent Stephen Smith said the home at 1/101 Martin Street in Brighton had been popular before auction, because of the vendor’s renovations.
“We had great numbers through the door, and great engagements,” he said. “[The sellers] did all the right things, they renovated it, they styled it, they marketed it really strong.
“We ended up with three bidders today.”
The bidders were shy at auction, opening the bidding at $1.6 million but passing it at $1.67 million.
It later sold to the highest bidders for $1.75 million. Mr Smith would not disclose the reserve.
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