Victorian online auctions: Barwon Heads home sells for almost double the price it made four years ago
A four-bedroom house blocks from the Barwon Heads waterfront sold for a huge $2.66 million under the virtual hammer on Saturday, almost double what it was bought for in 2017.
The vendors of 96 Hitchcock Avenue were investors who paid $1.35 million four years ago – as Victoria’s property market reached its last peak – for the property 25 minutes’ drive from Geelong.
House prices, including those in Geelong, have now surpassed that peak as locked-down buyers rush to upgrade or move to regional areas.
It was one of 1338 auctions originally scheduled in Victoria on Saturday, of which 1294 were in Melbourne, with many vendors later changing their minds and withdrawing from sale due to the lockdown.
By evening, Domain Group recorded a preliminary Melbourne clearance rate of 36.7 per cent from 627 reported results, while 390 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bellarine Property director Levi Turner said local investors had been able to look through the property before regional Victoria was plunged back into lockdown a week ago.
An opening bid of $2.2 million set the scene, with three bidders fighting it out. The reserve had been set at $2.3 million, he said.
“All three bidders were investors,” Mr Turner told Domain after the auction. “The buyers wanted it as a rental. Because interest rates are so low we’re finding a lot of people are investing here, which is a change from the past.”
Closer to the city, a fixer-upper at 15-17 Pasley Street South, South Yarra, sold online for $2.785 million after being called on the market at $2.35 million.
Six bidders registered for the online auction, but it came down to two, who were upping the ante with $5000 bids.
The buyers, a local family, are planning to tear the house down and rebuild on the property’s 334-square-metre block.
Marshall White Stonnington selling agent Abby Innes said the sale was a rare one in the suburb, given its position close to Fawkner Park, the Prahran Market and the city.
Though buyers could not look through the property due to the lockdown, they were still very keen to bid, she said.
“With land it’s sometimes hard to gauge how it will go at auction but I had sent out quite a few contracts so I knew we would have a lot of interest,” Ms Innes said.
Another fixer-upper, one of the cheapest for sale in ritzy Albert Park in some time, also sold under the virtual hammer for $1.51 million. It was called on the market at $940,000.
The one-bedroom home at 9 Young Street had been owned by the same vendor for 35 years, Marshall White Port Phillip auctioneer Ben Manolitsas said.
He called the home a “blank canvas” in the perfect spot to walk to Albert Park village and deal with the extra “COVID kilograms” buyers may be looking to shift after more than 200 days in lockdown in Melbourne.
Seven registered bidders fought it out for the keys, with the buyer looking to renovate the home and live in it, Mr Manolitsas said, adding: “He’s planning to restore it to its former glory.”
A renovation could also be on the cards for a home in Cheltenham, south-east of the CBD, which sold at online auction for $1.435 million.
The six registered bidders for the three-bedroom home at 42 Paul Street were keeping their cards close to their chest, and the auction was paused as bids slowed around the $1.407 million-mark to allow agents to hold discussions with the vendors.
Ray White Cheltenham director and auctioneer Kevin Chokshi said bidders returned after the pause and the property sold to a young family.
“They’re likely to demolish the existing house and build their dream home but they also might renovate,” Mr Chokshi said.
The vendors, two women who had invested together, were rapt with the result, he added.
North of the city, a family home in Brunswick West passed in at virtual auction and sold afterwards for $1.55 million.
The three-bedroom brick veneer house at 97 Pearson Street was listed with a price guide of $1.5 million to $1.6 million.
It had hit the market in time for some physical inspections before the latest lockdown began, and the winning bidder was an owner-occupier who had a chance to view it in person, auctioneer David Sowersby of Walshe and Whitelock said.
The online auction began with a vendor bid of $1.4 million and a call for a $50,000 rise. One bidder offered $1.41 million, and a second ventured $1.411 million, before the first countered with $1.415 million.
The home then passed in for private negotiations with the highest bidder, who struck a deal within the asking price range.
“We had a bit of interest and thought, we will give it a go,” Mr Sowersby said of the decision to proceed with the online auction in lockdown. “The vendors are very happy.”
Although some sales are still happening virtually, he said it was frustrating to be limited to video tours instead of physical inspections and he hoped for some reprieve soon.
“There’s still plenty of buyers out there,” he added.
With Elizabeth Redman
We recommend
We thought you might like
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
