Jaws drop as sought-after homes sell strongly at auction
Buyers put their best foot forward for quality properties under the hammer at the weekend, helping to produce some strong sale results.
A picture-perfect Moonee Ponds property proved quality houses were still in demand.
The huge family home at 79 Bent St sold $200,000 above reserve for $2.7 million at auction.
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Frank Dowling agent Christian Lonzi said the buyer dropped an unexpected opening bid, which immediately hit the reserve price and set a competitive tone for the auction.
“The buyer was really smart about the way they bid and we saw a few jaws drop in the crowd when he started the auction at $2.5 million,” Mr Lonzi said.
“We had two bidders on the day, but knew there were five or six people before the auction interested.”
Despite selling at a premium, the three-storey, six-bedroom house on a 961sq m block still offered great value for Moonee Ponds, he added.
Another auction in Bentleigh also hit reserve price on the opening bid, proving buyers were determined to break into the market.
The three-bedroom house at 21 Burgess St started at $950,000 and passed $1 million after six bids in just 16 seconds. It finally sold to a first-home buyer couple at a $170,000 premium for $1.12 million.
CoreLogic recorded a 56.8 per cent preliminary clearance rate from 438 recorded results, with the early figure closely reflecting last week’s final rate of 56.6 per cent.
There are 365 properties going under the hammer in Melbourne next Saturday, as Australians head to the polls to vote.
CoreLogic’s Australian head of real estate Geoff White said he did not expect next weekend’s federal election to affect the clearance rate.
“There are less properties up for auction, which might play into those vendors’ hands because the buyers are still there,” Mr White said.
“It’s a pretty broad and consistent market now.”
Advantage Property Consulting director Frank Valentic said Saturday’s results showed investors were still competing in the market.
Four investors raised their hand for a studio apartment at 7/254 Dandenong Rd, St Kilda East, which sold for $216,500.
The property nearly doubled its previous sale of $131,000 in 2003, Mr Valentic said.
“Given that studios are very hard to finance because a lot of the banks won’t loan for them, it was a very solid result,” he said.
An investor also paid $1.71 million for a three-bedroom South Yarra terrace at 11 Davis Ave.
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