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“Most of the $1 million that was ultimately raised was raised in $1,000 increments. For a while, the two remaining parties were just watching each other raise $1,000, so it was a long and tiring process,” Armstrong said.
“But this kind of auction happens when two people want a house like this and know its scarcity.
“Toorak is outperforming the rest of Melbourne and in St George we’ve had incredible homes and incredible sales there that reflect those values. You’re in rarefied air here and people want to be a part of it.”
Armstrong said the homes have been rented out for the past five years.
The Toorak property was reportedly one of 700 auctions in Melbourne on Saturday, with 437 properties selling at a preliminary clearance rate of 62.4 per cent.
AMP Capital chief economist Shane Oliver said Melbourne’s market remained subdued, with clearance rates well below year-on-year averages.
“In August last year, the clearance rate was 68 per cent. But while it’s still pretty subdued, it hasn’t fallen further in the last few weeks so it’s stabilising,” he said. “The good news is the market hasn’t collapsed. The market is holding up. But high interest rates have weighed on the market.”
Oliver said the small increase in listings could be a sign that homes are not selling well.
A three-bedroom Victorian terrace in South Melbourne 204 Park StreetThe home near Albert Park Lake sold for $1.89 million in post-auction negotiations.
Two bidders battled for the home, with a young professional couple snatching the keys from a family who had been given a $1.7 million to $1.8 million price guide and a $1.9 million reserve.
David Wood of Belle Property Albert Park said bidding on the home started at $1.75 million but climbed to $1.78 million before it sold quickly.
“It’s somewhere between unrenovated and fully renovated, so the buyers know they can move straight in without breaking the bank,” he said.
In Knoxfield, a downsizer couple who moved back to Melbourne after a stint working in Sydney snapped up a three-bedroom house 2a Kent Street After an intense bidding war, it was sold for $965,000.
A total of 10 bidders raised their hands for the keys, 5 of which were active bidders.
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Ray White Ferntree Gully’s Matthew George said bidding opened at $750,000 before bidders piled in and reached the $880,000 reserve before the home was announced as on the market.
George said a final offer of $6,000 sealed the deal, with interest high because the home had no owner group, had two separate living areas and was priced moderately.
“We always have 15 to 20 people coming through the door at every open house and we had about 80 people coming through this time; in fact, this is our most popular property (in some time),” he said.
“The price range is indicative of the market, as only three people bid over $900,000.”
George said the sellers bought the property in 1987 and subdivided the backyard to create the apartment. The sellers lived in the original house next door.
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