Downsizer’s $5.1m bid on Armadale home pips young family
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- A four-bedroom Northcote home, with an architecturally designed extension, sold for $2.95 million.
- A two-bedder in Thornbury sold under the hammer for $1.48 million.
A double-fronted Victorian home in Armadale sold under the hammer for $5.1 million to a downsizer at auction on Saturday, who beat a young family for the keys.
The auction for the four-bedroom home at 10 Auburn Grove was hotly contested, opening at $4 million, and parties made $50,000 bids.
The home had price expectations of $4.5 million to $4.9 million, and was called on the market at $5 million. Once bidding reached $5.05 million, the buyer made a final $50,000 offer to secure the property.
Jellis Craig Stonnington auctioneer Andrew McCann said bidding was spirited between multiple parties, as a crowd of about 150 people watched.
There were six or seven families in the crowd who had expressed interest in the property, but only two parties had a chance to make a bid as the offers flew.
McCann said a tighter spring market meant properties were selling with greater competition.
“Buyers have accepted that there’s not a lot of choice in the market at the moment, so they are well engaged at auctions,” he said.
McCann said listing numbers were down on what was expected for the rest of the year, as homeowners held onto their properties.
The Armadale auction was one of 955 scheduled in Melbourne on Saturday.
In Northcote, a four-bedroom period home with an architecturally designed extension, sold for $2.95 million to a young family who did not make a bid during the formal auction.
They were one of two expected bidders for the home, but neither raised their hand to make an offer when the auctioneer called for bids.
Instead, the property at 61 Victoria Road passed in and sold in an “auction after the auction” when the two bidders negotiated a sale.
The home sold above its $2.7 million to $2.9 million guide, despite not getting a bid during the auction.
Nelson Alexander Northcote’s Tom Alexiadis said bidding at the formal auction opened on a vendor bid of $2.7 million, at the bottom of the guide, but no offers followed.
“The two buyers decided not to bid, even though the highest bid gets the vendor’s reserve and exclusive rights to negotiate,” Alexiadis said.
Though more homes have been listed for sale this spring, Alexiadis said there had not been a huge number of properties coming up for sale. The local market was still tight.
“We’re not getting the stock everyone thought we would,” he said. “At the moment that’s not the case.”
Not too far away in Thornbury, a two-bedroom home at 79 Raleigh Street sold under the hammer for $1.48 million, above the $1.3 million reserve.
Five bidders, all professional couples looking to get into the area, fought it out for the keys, and the winning couple made a last $1000 bid.
Bidding opened on a buyer bid of $1.2 million, followed by $20,000 offers. Bidding then dropped to increments of $10,000 and then $1000, Nelson Alexander Northcote’s Luke Sacco said.
The property, which had a modern extension, had sold well thanks to lots of interest from buyers.
“Renovated stock is really selling well,” Sacco said.
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