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The winners were a local couple who were looking to downsize.
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The sellers bought the original lot, 27 Oak Grove, in 2008 and converted the old house into two custom townhouses, he said. The other townhouse sold last May for $3.1 million.
AMP Capital chief economist Dr Shane Oliver said Melbourne’s market remained weak, with the weekend’s auction clearance rate likely to be around 57 per cent – a figure he said would be below the year-on-year average.
“Auction clearance rates in Melbourne are averaging in the high $50s to mid $60s at the moment, which isn’t great but isn’t terrible either,” he said. “But listings are also up on a year ago, which could be a sign of distressed sales, and clearly demand isn’t keeping up. High interest rates are clearly having an impact.”
Mr Oliver said clearance rates were likely to remain low.
exist 5 Paschal St, Bentleya charming four-bedroom brick home on a 613-square-metre block sold for $1,701,500 when a young couple, through their brother, outbid the developer.
Jellis Craig selling agent Andrew Panagopoulos said the couple had been living in the rental property after selling their first home in December last year.
The property has a price guide of $1.5 million to $1.6 million and a reserve of $1.58 million.
Bidding started at $1.5 million, and four of the five bidders put in big bucks until the home reached its reserve price and was put on the market.
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“Then we dropped the bid to $5,000, and when it got to $1.65 million, the buyer eventually took their first step into it,” he said.
“It was actually their brother who was on vacation bidding for them… When the price reached $1.69 million, our bids dropped to $1,000 and then to $500.”
He said the location and floor plan helped the home fetch top dollar, and proved demand for quality properties remained strong.
In Carrum, an investor won the property for $1.52 million after a spirited bidding war, nearly $200,000 above the reserve.
This two-story brick home was built in the 1960s. 63 Wortley Street The site, which covers 1144 square metres, has a price guide of $1.14 million to $1.25 million. The reserve is $1.35 million.
The sheer size of the site incentivized investors to go the extra mile and snatch the keys from owner-occupiers who had offered less, said listing agent Genevieve Hill of Ray White Patterson Lakes Real Estate.
She said bidding started at $1.1 million and quickly shot up to $1.39 million, the market price.
“It took 38 minutes in total… I was very surprised at the level it reached. But it’s obviously a large area of land and a good location. The investor plans to rent it out for a while.”
Hill said the seller is a 90-year-old woman who has lived in the house for 28 years.
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