Young couple buys Mount Martha tennis court and vacant land for $1.4 million
A tennis court and adjoining block of land in Mount Martha sold for $1.4 million on the same day state government changes to COVID-related rules were revealed, aimed to green-light more buyers at auctions and inspections.
The property at 35 Stanley Crescent had been listed with hopes of $1.1 million to $1.21 million and sold for $100,000 above the reserve set before the auction.
The Agency Victorian general manager Peter Kakos said a young couple from Melbourne had snapped up the land and were planning to build a holiday home.
“There were two active bidders and several other interested buyers who didn’t get a chance to bid,” Mr Kakos said.
“There is that rush to Christmas. There always seems to be that rush, but there’s a great deal of certainty that’s bringing confidence to the market now,” he said.
The sale happened as Victorian Premier Daniel Andrews announced coronavirus-related restrictions across the state would ease further to allow more people to attend auctions and inspections.
The announcement included new COVID-safe summer rules for real estate agencies – who electronically record buyers – that enable one person per two-square metres into a home or an auction. Those who write down details are allowed to have one person for every four square metres.
On Sunday, a Real Estate Institute of Victoria spokesperson said it was seeking to clarify of how this change would be instituted and whether it meant the current rules – which allow for 20 people at private, in-person inspections, and 50 people at public auctions – would no longer apply.
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Mr Andrews told a press conference the government would be engaging with all sectors on changes, including real estate.
“The character that has been shown across this state is inspiring,” Mr Andrews said. “It makes me proud to be a Victorian.”
On Saturday night, Melbourne’s preliminary auction clearance rate sat at 70.4 per cent after 727 auctions were scheduled and 571 results were reported. There were 62 properties withdrawn from auction, which were not counted towards the clearance rate.
The figures were up on November’s overall auction results, in which the auction clearance rate hit 66.9 per cent for the month. That was 7.1 percentage points higher than numbers in October and a 0.7 percentage point improvement on November last year, Domain senior research analyst Nicola Powell said.
“This is a solid outcome for Melbourne’s auction market as it comes out of hibernation, highlighting the pent-up demand that built during lockdown,” Dr Powell said of Domain’s November auction report.
Melbourne’s inner south-east continued to record strong results with a four-bedroom home at 12 Villiers Street, Elsternwick, selling under the hammer for $4.1 million.
Biggin & Scott Elsternwick director Angelos Stefanis said five bidders competed for the keys, with families and young professional couples showing the most interest.
A young professional couple were the winning bidders on the house that last sold for $1,106,000 in 2012, Domain records show.
“The vendors have owned the home for eight years and renovated the property extensively five years ago,” Mr Stefanis said. “They’re moving interstate for new opportunities.”
In the inner north-eastern suburbs, a four-bedroom home in need of work sold under the hammer for $2.81 million – or $250,000 above the reserve.
A family bought 40 Marine Parade, Abbotsford, and the vendors are now looking to make a tree change.
Biggin & Scott Richmond director and auctioneer Andrew Crotty said two bidders competed for the home. “Everyone is very happy,” he said.
In Melbourne’s ritzy inner east, a three-bedroom fixer-upper home, part of a deceased estate at 27 Mathoura Road, Toorak, sold under the hammer for $2,535,000.
Marshall White Stonnington partner Richard Mackinnon said the buyer would be looking to tear down the home and rebuild his forever home, rather than renovate.
“The home had been in the family for 60 years and was part of a deceased estate,” Mr Mackinnon said. “It was very run down.”
Though it was an emotional sale for the family, they were happy with the outcome, he said.
Marshall White sold a four-bedroom home at 26 Trinian Street Street in Prahran under the hammer on Saturday.
The Victorian property, with a modern extension, sold for $3.45 million, above the $3.1 million reserve. Eight bidders fought it out for the keys, Mr Mackinnon said.
“The vendors, a young couple, bought it three years ago for $3 million so it shows the strength in the market,” he said. They will be moving back home to New Zealand.
In Albert Park, a two-bedroom property at 33 Barrett Street was sold to a professional couple who had always wanted to own a property in the street.
The couple, one of two bidders for the property, made the winning offer of $1.88 million.
Belle Property Albert Park director David Wood said the home had been used as a rental and the vendors, who are builders, are now looking to invest in other property projects.
“The home is comfortable to live in now, so it will be a renovation project for the buyers over the next 10 years,” Mr Wood said.
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