Box Hill bidding a game of inches as $50 proves the difference
Bidding went down to the wire at a Box Hill townhouse, where increments of just $50 were enough to sell the property for $131,300 above reserve.
The three-bedroom property at 97C Carrington Rd sold for $1,081,300.
“There were two people bidding right at the end,” Biggin & Scott Whitehorse agent Mike Ye said. “There was almost 25 bids in small amounts — one bidder desperately wanted it.”
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Four bidders competed for the keys to the house, with the last two groups taking over once the August 24 auction pushed the price north of $1 million. A local trust company won the keys with the final bid and plans to keep the townhouse’s tenants in the property.
A Mitcham unit provided a perfect litmus test for the market, selling for $1.001 million just four months after its renovated next door neighbour sold for $925,000.
Six bidders competed as 2/4 Halls Parade went under the hammer on August 24, before it sold $181,000 above reserve to a couple downsizing from Park Orchards.
“It’s a tale of two markets,” MJ Docking Vermont director Adam Docking said. “(Unit 1) was sold when the market was very slow, very low — it passed in at auction and it was renovated.”
“There’s a lot more positivity and confidence in the market at the moment.”
The property attracted 62 bids, after opening at $700,000, with the unit’s size and proximity to amenities attracting buyers.
“The level of inquiry on the property from the start was outstanding, more than we could possibly imagine,” Mr Docking said. “It’s the perfect example of when two people want a property, price in some respects is almost irrelevant.”
Mr Docking said eased access to finance was creating an impression that demand for properties was exceeding supply. “I don’t believe it’s a supply and demand issue at the moment, I think it’s more the ease of finance at the moment — we haven’t lost a property to a finance clause yet,” he said.
A Park Orchards lifestyle property lasted just 16 days on the market before an irresistible offer of $1.905 million came from an unlikely source.
The four-bedroom house on 4092sq m at 43-45 Rainbow Valley Rd sold by private treaty within its price guide of $1.79-$1.95 million to a Carnegie woman and her partner — who was relocating from California after 35 years.
“They had two teens so just wanted a bit more space, they’re very unique purchasers for Park Orchards,” Jellis Craig Doncaster agent David Moskovic said.
“They weren’t too familiar with the suburb, it was one of the first they came across with that space. The main thing for them was to be at the top of the hill.”
Mr Moskovic said the vendor was more than happy to accept an offer on the house she built in 1994.
“We had two weeks left of opens, but we ended up getting a buyer who submitted a formal offer for the owner — it was a pleasant surprise,” Jellis Craig Doncaster agent David Moskovic said.
“The thing that’s driving it more than anything is the lack of stock.”
The vendor plans to move to the inner-city to be closer to her kids.
Mr Moskovic also sold a Doncaster East townhouse for $1.4 million, after it attracted five offers — four of which came from inner-city residents.
“It’s very unusual to see that demographic,” he said of the interest in 73A Devon Drive, which sold $25,000 above the top of its price range by private treaty on August 22.
Mr Moskovic said the price was a surprise, but indicated the quality of the builder’s own home.
“There was nothing to support a sales result that high, but when you walked into the home you could feel the quality was far higher than what was available in the market. Finishes and fixtures throughout were second to none.”
The vendors were upsizing to an acre (0.4ha) property in Park Orchards to give their three kids more space.
An investor purchased a Burwood boarding house opposite Deakin University in a private sale worth $2.45 million on August 21.
The seven-bedroom property at 79 Elgar Rd last sold for $2.315 million in October 2017 and was listed at an indicative price range of $2.75 million, according to CoreLogic.
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