In North Melbourne, a renovated three-bedroom family home at 94 Howard Street sold for $1.51 million – above the $1.36 million to $1.46 million guide – after five bidders competed.
An investor won, though they had plans to downsize to the home later.
Abercromby’s Real Estate agent and auctioneer Simon Curtain said the vendors, who had owned the home for about 27 years, were looking to downsize to a single-level home.
“It really felt like a normal auction, and from the start of the campaign we had 60 groups through the property … and five bidders which is what we would normally expect,” Curtain said.
While buyer demand was positive, he said vendors were hesitant to list with more interest rate rises and the high cost of living in the news, he said.
“It would be good for vendors to take confidence in these types of results,” he said.
Two more family homes sold well in Maribyrnong, after multiple bidders competed.
A four-bedroom home, built 14 years ago, at 37 Pridham Street, sold under the hammer for $1.51 million after four bidders battled it out.
An opening bid of $1.4 million sparked competition and offers flew to meet the sale price quickly, Barry Plant Keilor partner Paul Filippone said.
The buyers, a local family, were taking advantage of lower prices to upgrade their current home, like many other buyers, Filippone said.
“There’s a general feeling that the worst is over, and we’re making those conclusions from the number of people at open for inspections,” he said. “I think people are becoming accustomed to it as there are some more interest rate rises – they are just getting on with their lives.”
Another three-bedroom family home, at 27 Hillside Crescent in Maribyrnong sold for $1.1 million when two bidders competed.
The buyers, a couple who are downsizing, were the winning bidders, wanting to be close to the Maribyrnong River walking trails and to the local shopping centre.
Biggin & Scott Maribyrnong director Mark Basilone said properties were selling as long as vendors understood the market was changing, and they would not get the same prices as earlier in the year.
“I’ve been in real estate for 23 years and as long as vendors understand what’s happening, and set their reserve price accordingly, things will sell well,” Basilone said.
In Kew, one of the biggest results of the weekend was a three-bedroom cliff top home, close to the Yarra River, that sold under the hammer for $5.1 million – well above the $3.5 million reserve.
A crowd of 80 gathered to watch the sale of 8 Rockingham Close, and bidding opened at $3 million.
Fierce competition from four bidders raised the price to $5.05 million, before a final $50,000 offer sealed the deal for the buyer, a local downsizer.
Kay & Burton Hawthorn director Scott Patterson said the home, built in 1979, and remained in original condition, was the type of property that rarely sold.
“It was a very unique offering, a rare property because it was on the cliff and the home allowed people to downsize, renovate or rebuild or even extend it for a family,” he said.
In Tullamarine, another uncommon offering at 189 Melrose Drive, sold for $1.317 million when four potential buyers fought it out.
The home on more than 1000 square metres of land sold above its $880,000 to $920,000 price range.
Ray White Gladstone Park selling agent Dom Zampaglione said the buyer, a developer, has plans to build on the large block.
“There are still some good buyers out and about,” Zampaglione said. “Something like this doesn’t come up often, especially in Tullamarine.”
The vendor, who is turning 100 in a couple of weeks, had lived in the home until just four weeks ago, and was thrilled with the sale, he said.
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