Yarraville house passes in at auction 'exactly as planned'

Post-auction deals and early sales are becoming the new normal, with one agent saying a fizzer of an auction went “exactly as planned” while public bidding on a highly anticipated gangland-linked property was called off when the home sold prior. 

On the last busy Saturday for auctions before the Christmas break with 898 auctions scheduled in Melbourne, a renovated family home in Yarraville passed in under the hammer but then sold after quick negotiations.

The three-bedroom Californian bungalow on a corner block drew a crowd of more than 30, many of whom watched the proceedings from across the street.

By evening, Domain Group had recorded a 44.9 per cent clearance rate from 548 reported results.

The auction for 138 Severn Street got off to a slow start, with selling agent and auctioneer Joseph Luppino of Village Real Estate Seddon making a vendor bid of $1.28 million.

A young family topped it with an offer of $1.29 million, but then the action stalled as soon as it had started. Moments passed and the auctioneer threatened to pass the home in before another couple jumped in with an offer of $1.3 million, and from there the bidding started to gain pace.

But the home passed in at $1,337,500, with the family bowing out and the couple ahead.

Brief negotiations saw a deal struck at $1.342 million, just over the reserve price of $1.34 million.

Mr Luppino took an upbeat view of the day, saying the process had gone “exactly as planned”.

“The volumes of buyers have definitely dropped off,” he said. “We feel like we’re probably negotiating a lot more these days, but the quality properties still seem to be selling well.”

Some 28 groups had inspected the light-filled residence before it sold, with its high ceilings, timber floors, and a spacious open-plan living area backing onto a grassy courtyard, proving popular with buyers.

The property last changed hands in 2004 for $388,000, public records show.

Underbidders Charlotte and Evan with baby Charlie, who gave only their first names, bid higher than they had planned in the hopes of securing the family home.

“It ticked all the boxes really,” Evan said. “It was just a little bit too much for us.”

After losing out on the first home they had seriously looked at, the inner west locals plan to start their search again in the same neighbourhood in the new year.

Earlier, the much-anticipated auction of Roberta Williams’ former house was called off when the property sold in advance.

The townhome at 82 Primrose Street Essendon, which had been owned by her former father-in-law George Williams, was handed over to the Australian Tax Office to be sold to recoup his debts.

It was listed with a reserve price of $750,000 and the sale was this week cleared to go ahead after a last-minute legal challenge.

Selling agent David Vaughan of Nelson Alexander Essendon confirmed the sale but would not disclose the price or buyer.

Elsewhere, a trendy converted warehouse in Collingwood passed in at auction without any bidding, but drew offers from three interested parties afterwards.

The three-bedroom home in a former leather goods factory at 54 Sydney Street sold for $1.34 million, after being listed with hopes of $1.275 million to $1.4 million.

“We find that the buyers obviously are in the box seat now,” Nelson Alexander Fitzroy partner Cameron Ingram said.

“They are sitting back and waiting, but we are finding a few more deals being done although not under the hammer.”

A two-bedroom unit in South Yarra bucked the trend, with three bidders pushing the price above its quoted range.

Despite its small crowd, the pad at 14/36 Kensington Road sold to a middle-aged couple for $790,000 after being listed with hopes of $680,000 to $720,000.

Wakelin Property Advisory’s Jarrod McCabe, who attended, said the market up to $750,000 was still busy because first-home buyers can claim stamp duty concessions.

He tipped the energy in the investor and first-home buyer segments to continue into the new year. “It’s not strong by any means but there is still demand there,” he said.