Port Melbourne beachfront apartment tops reserve by more than $1.5 million
A “mind-blowing” result in Port Melbourne saw a three-bedroom apartment sell for a whopping $1.54 million above the reserve price at the weekend.
The beachfront beauty at 705/147 Beach St sold for $4.34 million as Melbourne recorded a preliminary clearance rate of 75.7 per cent from 688 auctions reported to CoreLogic.
Reserve was hit with the opening bid of $2.8 million at the property, with a 125sq m wraparound balcony proving the main drawcard for four bidders.
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A local buyer, who beat downsizers for the keys, plans to bring in an interior designer to update the “home of their dreams”.
“These sorts of results can change lives, simple as that,” Greg Hocking Holdsworth Albert Park agent Peter Zervas said.
“It was a picture-perfect scenario — you couldn’t really replicate that with any other method of sale.”
Mr Zervas said no one could’ve predicted the value of the apartment, which the vendors bought for $975,000 in October 1999.
“It was just rare as hen’s teeth, but even factoring that in, it’s just a mind-blowing result,” he said.
Elsewhere, a Carnegie house achieved a sale price over $200,000 beyond reserve.
The price guide for 23 Emily St was increased twice ahead of the auction after feedback from potential buyers, Industry Insider director and property advocate Andrew Date said.
It sold for $1.715 million, after “strong bidding” from young couples and families, Mr Date said.
“It effectively had three price ranges during the campaign due to the amount of interest,” he said.
“They had feedback from buyers that they were potentially underquoting.”
Dual interest rate cuts, increased borrowing capacity and lack of supply were creating a “perfect storm for vendors”, Mr Date said.
“We’re back to 2017 bidding, buyer sentiment and prices, but the reality is we’re approximately 30 per cent down on homes in the market.”
Bidding in the park saw a Parkville property sell $387,000 after being declared on the market.
A four-bedroom Victorian terrace house at 146 Gatehouse St sold for $2.87 million after over 100 bids were placed by four groups.
“We did the auction in the park, with the auctioneer with his back to the property,” Kay & Burton Armadale agent Andrew Smith said. “As people were bidding they could view the property.”
“Parkville is in a pretty special position, over 100 acres (about 40ha) of parkland so close to the city is unique in the world.”
An expat investor living in Malaysia beat local professionals and a Hong Kong investor at the property.
“It was truly an international auction — I think the reason for that is just the really central position, close to some pretty national leading institutions such as Melbourne University,” Mr Smith said.
Melbourne hosted 824 auctions last week, which is set to increase to 947 this week.
Wakelin Property Advisory director Jarrod McCabe said the higher numbers would be a “serious test of buyer depth”.
“If the percentage rate remains in the 70s territory where it has settled in recent weeks, then that’s a clear sign that buyers are plentiful and highly motivated.”
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