Family beats four others for $2.56m Melbourne home with eight car spots
A family beat four others for a spacious Hillside home at auction on Saturday, paying $2.56 million, or $260,000 over reserve.
The five-bedroom home at 11 Rupicola Court, owned by the same family for 34 years, had a price guide of $2.2 million to $2.4 million and a reserve of $2.3 million.
The double-storey home, set on more than 4000 square metres, features multiple living zones, a large shed and workshop, and a pool and spa, all of which were key drawcards.
“Its location on the Sugar Gum Estate was another attractive feature of the home,” selling agent Anthony Orellana from Main Road Real Estate said.
Five active bidders, all families, participated in the auction. Bidding opened at $2 million and started with $50,000 rises between two buyers. A third bidder offered $100,000 to take the price to $2.3 million. A mix of $50,000, $20,000, and $5000 bids was offered until the hammer fell.
For the vendors, children of local cricket legend Michael Johnstone, who was also the founding president of Hillside Football Club, the sale was bittersweet, he said. Johnstone died of pancreatic cancer in April.
“It had been their dad’s home, so it was pretty emotional,” he said.
“Both the vendors and I were surprised by the result; it was amazing and there were some happy tears,” he added.
Despite the gloomy weather, Orellana said that the sun came out for the auction, which attracted a crowd of around 80 people.
“I have a good relationship with God and asked him for some sunshine,” Orellana said.
The property was one of 1022 scheduled to go to auction in Melbourne last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 73.1 per cent from 748 reported results throughout the week, while 78 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Cheltenham, a renovated, brick, two-bedroom unit sold to a downsizer for $1,275,000.
Guided at $1 million to $1.1 million, 5/16-18 Stuart Avenue had a reserve of $1,075,000.
There were three registered bidders, but only two took part in the auction, said lead agent and auctioneer Kevin Chokshi from Ray White, the Bayside Group.
“Bidding started on a vendor bid at $950,000 as there was a bit of hesitation, but then there was aggressive bidding from two downsizers fighting it out,” Chokshi said.
The successful bidder had grown up in Cheltenham, so returning to the area was a full circle moment for her, explained Chokshi.
“It will be her last home, and she recently missed out on another property, so she was pretty thrilled,” he said.
Chokshi said the Bayside market had been performing well.
“Buyers are avoiding anything that needs work, so anything that is turnkey is doing well; buyers are prepared to pay a premium for convenience,” he said.
In Essendon, a renovated three-bedroom home was passed in at auction but sold under private negotiations shortly afterwards for $1.62 million.
Last sold in 2002 for $366,500, 48 Roberts Street was guided between $1.5 million and $1.63 million, with a reserve of $1.63 million.
The auction, held indoors due to the rain, opened with a vendor bid of $1.52 million, followed by $1.53 million from a registered bidder.
“While two parties were registered, only one put up their hand during the auction,” said selling agent Andrew Butler from McDonald Upton, and the property was passed in.
The bidder, a young family, purchased the home later that day.
Butler said that the Essendon location and renovations completed two and a half years ago, which included the inclusion of stone benchtops, stainless steel appliances and timber flooring, were drawcards.
“It’s also just a really cosy, family home with a good-sized backyard and a good family hub in the home,” he said.
Butler said the market in Essendon has been tracking “really well.”
“All facets and price points of family homes are doing great,” he said.
“There is also a consistent number of people attending open homes, which will only increase come spring,” he said.
Diaswati Mardiasmo, chief economist at PRD, said the Melbourne market is holding stable.
“It doesn’t seem as if the recent RBA rate cut has translated into the market, or if it has, it hasn’t made much of an impact yet,” she said.
Mardiasmo said that other Australian capital cities are experiencing more promising numbers, and this, she believes, has to do, in part, with Melbourne’s stock levels.
“Melbourne has had more stock in comparison to other markets like Sydney and Brisbane, so it isn’t as competitive,” she said.
“Buyers may also be holding out for another rate cut in November.”
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