Friday, June 14, 2024

Downsizers compete to pay $4,325,000 for double-fronted Middle Park terrace

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It was one of 1028 auctions scheduled on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62.4 per cent from 749 reported results, while 94 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In Hawthorn, a four-bedroom Victorian house that had been held by its vendor for 40 years sold at auction on Saturday for $3.25 million. Downsizers from Glen Iris beat two young families for the house at 79 Manningtree Road.

Jellis Craig Hawthorn director Campbell Ward auctioned the home, and called for an opening bid at $2.7 million.

Listing agent Peter Vigano said that the auction lasted only 90 seconds, and $50,000 bids were exchanged between the buyers.

The estate of the late Dr Elizabeth Lewis AM was the vendor of the property. She passed away last year. Dr Lewis had a distinguished career in medicine and was the first female neurosurgeon to practise in Australia.

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Vigano said the downsizers have plans to renovate the property.

“It’s in a very good position in Hawthorn — a hop, skip and a jump from Glenferrie Road,” he said.

The price guide for the property was $2.7 million to $2.9 million. The reserve price was within the guide at $2.85 million.

In Thornbury, three buyers competed for a three-bedroom house within walking distance to High Street. The property at 39 Clyde Street sold under the hammer for $2.04 million, $190,000 more than the reserve.

Bidding opened at $1.7 million and two buyers exchanged $20,000 raises. At $1.95 million, a third buyer, a young couple, entered the auction and outlasted the earlier bidders.

“They came in with $10,000 bids, and she started to break the other buyer down,” said McGrath Northcote partner and auctioneer Luke Brizzi.

“The other buyer went down to $1,000 bids and she kept coming back with $5,000 and $10,000 bids. They really wanted it,” he said.

Brizzi said the house had attracted young families due its location directly opposite Wales Street primary school. The underbidders were young families.

In Montmorency, three buyers made post-auction offers for a three-bedroom house that was passed in at $1,275,000. The house at 2/203 Rattray Road was sold for $1,335,000, which was $85,000 more than the quoted price range.

Two buyers’ advocates were present at the auction and three families competed for the house. Stuart Buckingham of Buckingham & Company said that buyers from Kew, Northcote, Fairfield and Warrandyte had shown interest in the property.

Buckingham said it was a slow auction and there had been an auction after the auction.

“It’s at that price point to get that type of house in Montmorency,” he said. Buckingham would not disclose the reserve price.

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AMP chief economist Dr Shane Oliver said the Melbourne property market was soft compared to other capital cities.

“The issue in Melbourne is the big rise in listings. It’s really weighing on the clearance rate,” Oliver said.

“Listings in Melbourne are running 30 per cent more than this time last year,” he said.

“It may be a reflection of the higher interest rates, resulting in distressed selling.”

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