The Parkville auction was one of the biggest results for the weekend, where 821 auctions were scheduled across Melbourne. By evening, Domain Group recorded a preliminary auction clearance rate of 60 per cent from 640 reported results, while 68 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In the city’s northwest, a four-bedroom home at 143 Rankins Road, Kensington sold under the hammer for $2,463,000, well above the $2.1 million reserve.
Four bidders competed for the home, which had been architecturally renovated in 2003, and still looked brand new inside.
Nelson Alexander Flemington partner and auctioneer Ryan Currie said the vendors, who had owned the property since 1999, were selling up to make a sea change.
The buyers were a young, local family, who had often walked past the home admiring it, Currie said.
“There seemed to be a lot more confidence today, particularly for these types of properties because of the scarcity of them,” he said. “Renovated homes are very popular and people will spend more to avoid having to pay 40 per cent more for a builder and materials to fix up a home.”
In South Yarra, a townhouse in an art deco style building that was once part of the piano-making Wertheim family estate, sold under the hammer to a buyer who had not physically seen inside the property.
The Sydney-based buyer, was one of five bidders, snapping up the three-bedroom property at 3/28 Kensington Road for $1.44 million – above price expectations of $1.25 million to $1.375 million.
Jellis Craig Stonnington selling agent Will Bennison said the woman was buying the townhouse as an investment, and for her family to use in the future.
“We’re definitely seeing more confidence is back,” Bennison said.
People were more confident about their home-buying budgets after smaller interest rate rises in October and November than previous hikes earlier in the year. Experts are also predicting interest rate rises will ease by March next year.
In Bentleigh East, a mid-century time capsule home, owned by the same family since it was built in the 1960s, sold under the hammer for $1,305,000 – above the $1.25 million guide.
A young family bought the five-bedroom home at 91 Brady Road, and plan to renovate it. They were one of three bidders on the property.
Buxton Real Estate Bentleigh’s Simon Pintado said limited stock was influencing the market, as was the fact that there was only another two weeks for new homes to hit the market to sell by Christmas.
He said if they don’t buy now, they will have to wait until the auction market fires up in February next year. “The market is pumping right now if you’re priced right,” Pintado said.
While many homes sold under the hammer, not all did, including a four-bedroom house at 51a Rochester Road, Balwyn.
The home passed in on a bid of $2,655,000 before selling in a post auction negotiation for $2.7 million.
Kay & Burton Hawthorn’s Mark Sproule said two buyers fought it out, but were not willing to bid too high for the property.
“I think some people are certainly conscious of interest rate rises,” Sproule said.
The four-bedroom home sold to a local family, looking to upsize, who were looking for a turn-key home.
While sellers and buyers were keen to do a deal before Christmas, the urgency was not the same as it had been during 2020 and 2021, when the market was booming.
“It’s not the same as we’ve seen in previous years,” Sproule said.
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