Competitive auctions spark confidence
Eight bidders pushed a Mont Albert North home more than $100,000 beyond reserve, prompting teary celebrations from the vendor and her husband.
No. 26 Hawkins Ave was picked up by an investor and his mother for $1.205 million, after stiff competition at the May 4 auction.
“We’re still celebrating,” Noel Jones Balwyn agent Jane Caulfield said. “This was beyond all of our wildest expectations.”
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A huge crowd of 150 people attended the auction, with neighbours attracted by the scent of free coffee to watch on as 48 bids were placed on the home.
“We had investors, we had entry-level families trying to get in the area, we had people for knocking over and putting their home on it, a couple of investors came through,” Ms Caulfield said.
“I think the bidding went for about half an hour — just going and going and going.”
A reserve price of $1.1 million was easily overcome, sending the vendor “over the moon”.
“She would have sold for less than that,” Ms Caulfield said. “She and her husband sort of got teary afterwards.”
Ms Caulfield said there had been a spike in the number of investors going to properties in the area over the past eight weeks.
“There’s a whole heap of investors out at the moment, because they want to buy before the election,” she said. “When the market dropped in the GFC (global financial crisis), it dropped a lot. But when things are turning, the investors come out and they buy in this area because they know it’s going to go up a lot.”
A six-bedroom Doncaster home sold for $1.715 million under the hammer on May 4, after being declared on the market at $1.55 million.
A large crowd watched four bidders push up the sale price of 5 Eastern Ave, with an upsizing Balwyn family winning the keys to the home.
“It was way over what we thought,” Jellis Craig director Chris Savvides said. “It was a beautifully kept, one-owner home in a tightly held area.”
“It’s a sign there’s a bit more confidence in the market — people feeling perhaps that prices have bottomed out,” Mr Savvides said.
“It was great to have live bidding — a bit like the old days.”
Also in Doncaster, a local builder picked up 35 Hillingdon Crescent under the hammer.
The development site sold for $1,136,500, with five bidders pushing the price $86,500 above reserve.
“There’s more people out and about — it was good to sell both these homes in a fairly tough market,” Mr Savvides said.
A 5.5ha lifestyle property at 38 Homestead Rd, Wonga Park sold for $3.5 million on April 29, after almost three months on the market with a $3.7-$4 million price guide.
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