A two-bedder in Thornbury sold under the hammer for $1.48 million.<\/li>\n<\/ul>\nProperty listings<\/h2>\n
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.<\/p>\n
The auction for the four-bedroom home at 10 Auburn Grove was hotly contested, opening at $4 million, and parties made $50,000 bids.<\/p>\n
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.<\/p>\n
Jellis Craig Stonnington auctioneer Andrew McCann said bidding was spirited between multiple parties, as a crowd of about 150 people watched.<\/p>\n
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.<\/p>\n
McCann said a tighter spring market meant properties were selling with greater competition.<\/p>\n
\u201cBuyers have accepted that there\u2019s not a lot of choice in the market at the moment, so they are well engaged at auctions,\u201d he said.<\/p>\n
McCann said listing numbers were down on what was expected for the rest of the year, as homeowners held onto their properties.<\/p>\n
The Armadale auction was one of 955 scheduled in Melbourne on Saturday.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Instead, the property at 61 Victoria Road passed in and sold in an \u201cauction after the auction\u201d when the two bidders negotiated a sale.<\/p>\n
The home sold above its $2.7 million to $2.9 million guide, despite not getting a bid during the auction.<\/p>\n
Nelson Alexander Northcote\u2019s 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.<\/p>\n
\u201cThe two buyers decided not to bid, even though the highest bid gets the vendor\u2019s reserve and exclusive rights to negotiate,\u201d Alexiadis said.<\/p>\n
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.<\/p>\n
\u201cWe\u2019re not getting the stock everyone thought we would,\u201d he said. \u201cAt the moment that\u2019s not the case.\u201d<\/p>\n
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.<\/p>\n
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.<\/p>\n
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\u2019s Luke Sacco said.<\/p>\n
The property, which had a modern extension, had sold well thanks to lots of interest from buyers.<\/p>\n
\u201cRenovated stock is really selling well,\u201d Sacco said.<\/p>\n
Most Viewed in Property<\/h2>\n
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