Middle Park home fetches $1m above reserve in battle of the downsizers

A Middle Park home inspired fierce competition at auction on Saturday, when three downsizers traded nearly 100 bids to push the price to $5.53 million, well past the vendor’s expectations.

The four-bedroom house at 100 Wright Street was a grand Edwardian with stained-glass windows, raked timber ceilings at the rear and upper floor, and sat on a 408 square metre block. Jellis Craig auctioneer and listing agent Warwick Gardiner listed it with a quoted price range of $4.1 million to $4.3 million.

SOLD - $5,530,000

100 Wright Street, Middle Park VIC 3206

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The property was one of 849 scheduled to go to auction in Melbourne this week. By evening, Domain Group recorded a preliminary auction clearance rate of 72.4 per cent from 615 reported results throughout the week, while 55 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

The auction began on a vendor bid of $4.2 million, and the price quickly climbed beyond the top of the range. Two bidders sparred until the price reached $4.86 million and another joined the fray.

The latecomer dropped out at $5.13 million, and the first two parties then traded dozens more bids until the home sold for about $1.03 million more than the reserve price. Gardiner said the vendor was prepared to sell the home for more than $4.5 million, but hadn’t set a firm reserve. It was declared on the market at $4.62 million.

Cashed-up downsizers coming from inner eastern suburbs like Malvern and Hawthorn drove the strong result, Gardiner said.

“We got down to a battle of two and both were very emotionally invested in living here long term and both have been looking for a long time,” he said.

The vendors were downsizing themselves, Gardiner said. “If you come from the eastern suburbs on 1000 square metres, this is a downsizer, but for the locals this is an upsize. It really depends on what your demographic is and where you come from.”

In South Yarra, a first home buyer won the keys to a period home after fending off six others.

The three-bedroom house at 9 Lang Street featured a modern renovation and upstairs mezzanine bedroom and retreat. Biggin & Scott selling agent Tom McCarthy listed the home for sale with a quoted price range of $1.4 million to $1.54 million.

$1,400,000 - $1,540,000

9 Lang Street, South Yarra VIC 3141

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The former investment property sold for $1.63 million. Under bidders were investors and upgraders, McCarthy said.

“Its [price] was in a sweet spot [that’s] performative at the moment, and you’ll find that it’s where people are looking to buy again,” he said.

In Coburg, a family home with a published reserve price sold for $1.26 million in a short and sharp bidding competition.

The three-bedroom house at 30 Higinbotham Street had a unique style and cosmetic upgrades, Barry Plant listing agent Caleb Venneri said.

SOLD - $1,260,000

30 Higinbotham Street, Coburg VIC 3058

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“It was a unique place, and the vendor did some little cosmetic updates to the place which helped with the presentation,” he said.

The home was listed with a reserve of $1.1 million after Venneri had previously listed it with a quoted price range of $990,000 to $1,085,000.

“We converted it to a reserve price as a response to interest, so people had some clarity,” he said. “It gave [buyers] a bit more confidence to come out and bid and pay for building inspections.”

Four bidders competed. The first bid was $1.11 million, which cleared the reserve. Venneri said the auction lasted about five minutes and the home sold to a young couple.

He said all the bidders were young professional couples planning to start a family, or families with young children.

“Coburg has had a bit of push from buyers who were coming from the Brunswick East area and are getting pushed out this way,” Venneri said.

In Fairfield, a large family home attracted seven bidders and a $2.15 million sale at auction.

The four-bedroom house at 197 Arthur Street had an open living and dining area, and a studio and carport at the rear. Belle Property selling agent and auctioneer Scott McElroy listed it with a quoted price range of $1.75 million to $1.85 million.

SOLD - $2,155,000

197 Arthur Street, Fairfield VIC 3078

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“I think the strength of the property was it really appealed to young families upsizing from smaller properties,” he said. “Some of the open-for-inspections looked like a day care centre, there were so many children running around.

“A lot of them were complaining that a lot of the houses around aren’t quite big enough.”

The auction opened with a bid at the top of the range, which was also the reserve price.

McElroy said family homes were in high demand. “There’s a lack of generously proportioned family homes,” he said. “It was a bit of a package that ticks a lot of boxes, in terms of everything being in the right place and the right size.”

He said the home sold to a family.