Yarraville house clears its reserve with one bid, later sells for $1.28m
An owner-occupier paid $1.28 million for a Yarraville house at auction on Saturday, after kicking off the competition with a bold bid that topped the vendor’s reserve price.
The three-bedroom house at 10 Montague Street was a period home, but had been updated over the years and featured an enclosed sunroom at the rear. Jas Stephens selling agent Elise Nemer listed the home for sale with a quoted price range of $1.05 million to $1.15 million.
She said the vendors used to rent the home, but later bought it from their landlord. “They enjoyed living here, and then they just upsized,” Nemer said.
The auction began on a bid of $1.16 million from the winning buyer, which cleared the vendor’s reserve price of $1.14 million.
Three others contested the auction; a first home buyer and two investors bidding via phone.
Nemer said the buyer was returning to the city after living in the country.
“We haven’t had that much like that, an aggressive auction that started literally higher than the price guide straight away,” she said. “So it was good, straightforward and quick.”
The property was one of 652 scheduled to go to auction in Melbourne this week. By evening, Domain Group recorded a preliminary auction clearance rate of 74.2 per cent from 488 reported results throughout the week, while 41 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Reservoir, five young couples fought over a well-kept family home and pushed the sale price more than $300,000 past the vendor’s reserve.
The three-bedroom house at 31 Willoughby Street featured exposed brick and timber accents, raked ceilings and a large backyard. Barry Plant selling agent Harry Kontossis listed the home for sale with a quoted price range of $1 million to $1.1 million.
The auction opened at the bottom of the range and the reserve was set at the top. Kontossis said the five couples bid quickly and assertively.
“It rose to $1.2 million within seconds and then the last two got involved and took it from $1.2 million to $1,402,000 [the final sale price].”
He said the fierce bidding and high price was because keen buyers were fighting over the few listed family homes.
“It shows the strength of the property market at the moment, there’s not enough stock, especially houses … they were just going hammer and tongs.”
In Frankston North, a Queensland investor came out on top of a crowded field to buy a house for $707,000.
O’Brien selling agent Mark Burke listed the three-bedroom house at 39 Rosemary Crescent with a quoted price range of $540,000 to $594,000. He said there were eight bidders for the home, all attracted to the house’s solid build and land size.
“It was a concrete home that was on land that was 605 square metres,” Burke said. “It had hardwood floors, brand-new carpets over the hardwood floors, and they’d freshly painted it inside and out.”
Four of the eight bidders were investors, three of whom were from interstate. The remaining hopeful buyers were owner occupiers from the area, Burke said.
The bidding opened at $545,000 and the reserve was set at $550,000. Burke said the auction was quick and spirited, and finished in about seven minutes.
He said a lack of housing stock and high demand contributed to the high sale price, which was $157,000 more than the vendor’s reserve.
In Pascoe Vale South, an investor paid $1.38 million for a home they saw for the first time on Saturday.
The three-bedroom weatherboard house at 3 Milton Street has period features but modern interiors. Nelson Alexander selling agent Cody Bettanin listed the home for sale with a quoted price range of $1.15 million to $1.25 million.
He said the auction began with a vendor bid of $1,175,000 and three bidders competed. The reserve was set at the top of the range.
Bettanin said the investor beat a downsizer and an aspiring home buyer from Sydney to land the home.
“We’re starting to see a few investors come back into the marketplace as well,” he said. “[The buyer] was actually the underbidder on two of my other properties the last couple of weeks.
“The investor had only seen it today for the first time.”
Bettanin said the winter’s low listing levels were pushing buyers to compete harder for the few homes available.
“Anything at turn-key at the moment, the market is seeing a lot of value, and there’s just not a lot on,” he said.
“Anything in that $1 million to $1.5 million market, there’s a lot of competition. With rates the way they are, it seems to be the sweet spot.”
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