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It was one of 900 homes scheduled for auction in Melbourne on Saturday. By the evening, Domain Group had released 690 results, with a preliminary clearance rate of 64.2 per cent, and 87 auctions withdrawn. Withdrawn auctions count as unsold properties when calculating the clearance rate.
In Fitzroy North, three buyers competed for a two-bedroom terrace house. 5 Woodside Street.
A couple who planned to live in the house bought the property for $1.59 million. The house sold for $90,000 above the reserve, which was at the top end of the $1.4 million to $1.5 million asking price.
Bidding at an auction begins at the bottom of the range.
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“It’s a great location, this little spot is very sought after in Fitzroy North,” Nelson Alexander Fitzroy real estate agent Janine Ballantyne said.
“This house is really cozy, but it can appreciate over time.”
The owner-occupier beat out two other couples to secure the property.
“It feels good to have sold this lot in such a competitive environment,” she said.
In Malvern East, a former rental property was sold at auction to a family for $1.5 million.
Bidding 1 Shrewsbury Street The vendor offered $1.1 million. The successful buyer entered the auction with a bid of $1.2 million. They beat out two other buyers, one of whom waited until the house was listed at $1.32 million before making his first bid.
The buyer plans to demolish the original wood-paneled house and build a new one.
The asking price for the house was $1.2 million to $1.32 million. The reserve was set at the top of that range. Buyers bid $50,000 and $20,000 at the auction.
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Ray White Oakleigh real estate agent and auctioneer Jonathon Eaves said the vendors were selling the home because they could no longer afford to hold onto the investment property.
“There are so many rules and regulations right now that it makes investing in property almost not worth it,” Eaves said.
“It’s a good result for a house that was originally a three-bedroom house on a 585-square-metre block.”
PRD chief economist Dr Diaswati Mardiasmo said the Melbourne property market was struggling.
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“Buyers have the intention to inspect properties and the demand to inspect properties, but the conversion rate to transactions is slow,” she said.
“For sellers, it can be frustrating. The key is to find the right price point by comparing prices.
“Not a lot has changed in the economy at the moment. Wages are staying the same, unemployment is staying the same, the cash rate is also staying the same. In this situation, everything tends to stabilize and stay that way for a while.”
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