The Fitzroy ‘unicorn’ that won its vendors $2.9m, more than $400,000 over reserve
A unique Fitzroy house with a luxury fit-out inspired downsizers to spend $2,925,000 at auction on Saturday, some $425,000 more than the vendor’s reserve.
Buyers Greg and Bronwyn Burgess said the four-level, four-bedroom home at 61 Leicester Street had caught their eye because of its location in the heart of Fitzroy and its high-end construction.
“We are very grateful that we’ve just bought a unicorn property,” Greg said after the auction. “And we’re just looking forward to being in this area, with the buzz,” Bronwyn added.
Nelson Alexander listing agent Mark Verrocchi listed the home with a published reserve of $2.5 million, after knocking back a pre-auction offer at that price. It previously had a quoted price range of $2.3 million to $2.5 million.
The house has three bedrooms on its first floor, the kitchen, living and dining rooms on the second floor, and a flexible entertaining area or bedroom on its top floor. The ground floor is the entrance and garage.
The auction began with an offer of $2.55 million, and buyers attempted a few large knock-out bids throughout the contest.
Three parties bid in total, and Verrocchi said the underbidders were another downsizing couple and a young professional couple.
He said the Burgesses were big fans of the area; they told this masthead their new home would be closer to their children than their old, larger home in the inner east.
“They really value the inner north,” the agent said. “It just was a massive bonus as well to them that the house was something that they really loved. They weren’t going to miss it.”
It was one of 1459 auctions scheduled for the weekend, a super Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62.6 per cent from 1272 reported results, while 150 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Parkdale, another downsizer couple triumphed at the auction of a three-bedroom villa.
The home at 2/39 Ivy Street was modern and move-in ready, Buxton listing agent Aiden Oke said. He listed the home with a quoted price range of $800,000 to $850,000.
Four parties, a first home buyer and the rest downsizers, bid for the home, and pushed the price up to $900,000 where the hammer fell, selling $100,000 more than the reserve.
“It was fierce competition, we haven’t seen that in a while,” Oke said. “It was a single level three-bed with a double garage, which is really rare to find in this area for under $1 million.”
In Oakleigh, a house sold for $1,235,000, and fetched a modest premium of $55,000 on top of its reserve thanks to strong competition.
The three-bedroom house at 33A William Street was modern, and had space to park three cars. Barry Plant agent Eva Cumming listed the home for sale with a quoted price range of $1.07 million to $1.17 million.
She said the tidy home’s location had appealed to three bidders, all of whom were couples. “They liked that it was immaculately presented and low maintenance,” Cumming said.
The auction began at the bottom of the range, and Cumming said the buyers fought hard to purchase the home. “It was fast and strong and there were lots of bids,” she said.
The reserve price was set at $1.18 million; the vendors received $55,000 more than their lowest acceptable price.
“I think it’s fair and reasonable,” Cumming said. “That’s what happens under competition, and everybody gets excited.”
Public records show the home last traded hands in 2014 for $672,500.
In Flemington, a two-bedroom terrace built in 1880 passed in at $851,000 after a single investor bid on the property.
The Victorian at 12 Finsbury Street had been used as “family investment”, said Kieran Moloney of Jellis Craig, and was an affordable house in a popular location.
“Finsbury Street, it’s one of Flemington’s premier streets, it’s a lovely tree-lined street filled with period homes,” he said. “It’s been a family investment where their children have lived in it over the years, so never been rented, as such.”
Moloney listed the home for sale with a quoted price range of $850,000 to $890,000. The auction began with a vendor bid of $840,000, and one bidder, an investor, took part.
“The buyer came in at $845,000,” he said. “We did another vendor bid of $850,000, the buyer bid $851,000, and it was passed in to them.”
The reserve price was $890,000, Moloney said, and he was still negotiating with the investor buyer. He said he would list the home with a single price of $889,000 if an agreement couldn’t be reached.
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