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“Many sales are negotiated before auction or happen after auction,” he said.
“Renovated family homes in the inner west are still performing quite strongly, but the rest of the market is probably a little bit choppy.”
In Sunny West, an investor beat two first-home buyers at auction for a 1960s-style three-bedroom home for $735,000.
Ray White auctioneer Marcus Fregonese said the bidding 43 Melly Streetan estate, was offered by a hopeful first-home buyer at $650,000. As two other parties outbid each other, the price climbed to over the reserve of $700,000.
Both first-home buyers eventually dropped out of the bidding, but Fregones was able to convince one of them to pay an extra $2000 at the last minute of the auction.
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But that wasn’t enough, as the house was eventually auctioned off to an investor who planned to modernize the vintage home before renting it out.
Fregonese said it was the first time in months that he had seen investors bidding at the auction.
“We found that we have Investors exit the market … It’s kind of swimming against the tide,” he said.
“We’re getting a lot of young couples and first-home buyers from the west and north – Abbotsford, Collingwood, Carlton, Brunswick – who are now coming to Sunshine City just for the value for money.”
Meanwhile, another investor from Sydney beat out two couples for an architect-designed house in Abbotsford for $1,575,000.
Bidding for the two-bedroom home was slow at first. 112 Park StreetJellies Craig auctioneer Lee Muddle put in a vendor bid of $1.4 million to get the auction moving.
One party then made a $10,000 bid and the price slowly rose to $1.47 million before the auction was briefly paused.
When the auction resumed, the first bidder withdrew from the bidding, and two other parties offered bids of $10,000 and $5,000, respectively, which eventually led to the item going to the final buyer.
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The buyer, who bid via video call from Sydney and plans to rent out the architect-designed home, paid $75,000 above the reserve of $1.5 million.
Mr Mader said the vendors wanted to upsize, so they enlisted the help of Melbourne-based architectural design firm Tom Eckersley Architects to renovate and extend the stylish two-bedroom home.
In Brunswick West, a downsizing couple relocating from Melbourne’s east to the inner north bought a three-bedroom home for $1.29 million after a hotly contested auction.
A total of six companies participated in the bidding 51 Burnell StreetBut fierce competition between the two bidders soon caused all other bidders to withdraw from the competition.
The eventual buyer immediately opened the auction with an opening bid of $1.15 million, followed by a quick $10,000 increase from a young family.
Ray White auctioneer Jamil Allouche said the other four bidders didn’t stand a chance because two parties were bidding aggressively and kept making offers.
“They were competing fiercely against each other,” Allouche said. “Other bidders could only sit on the sidelines and watch.”
Homebuyers and young families continued to trade bids back and forth in $10,000 increments, pushing the price well above the property’s $1.19 million reserve before bidding slowed to $5,000 increments.
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This California bungalow was sold at auction by downsizers from Mitcham for $100,000 above reserve.
Allouche said the buyers were excited to move to the area.
The property had previously been rented out by the seller.
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