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The supplier has retired and plans to move out of Melbourne.
In Strathmore, a vendor-builder sold a new four-bedroom home to a local young family in post-auction negotiations for $2.3 million. Records show the vendor bought the property 64 Strathnaver Avenue The sale price in 2018 was $1.2 million.
On Saturday, only one buyer was interested in the house. A local family bid $2.1 million, becoming the sole buyer at the auction. The auction was unsuccessful, and the family began negotiations with the seller.
The buyer agreed to pay $200,000 more than the original bid to meet the seller’s reserve, which was at the top of the asking price range of $2.1 million to $2.3 million.
Matthews auctioneer and listing agent John Matthews said the family was attracted to the property primarily because it was zoned for local schools.
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“They liked the size of the house, the pool, the green space out the back and the school zoning,” he said.
“They took advantage and snapped it up that same day.”
In Fitzroy, a three-bedroom townhouse, formerly a rental property, sold at auction on Saturday for $1.56 million.
Two couples fighting 1/18 Hanover StreetThe bidder was a first home buyer. The buyer was a local but the bidder was trying to relocate to Melbourne.
The auction opened with a minimum bid of $1.47 million to $1.6 million. Listing agent and auctioneer Mark Verrocchi of Nelson Alexander Fitzroy said bidding was competitive. The property sold $10,000 above reserve.
“I thought it would kick a little harder, but it’s a sign of the times,” he said. “It’s a great result.”
The sellers of the property live in the U.K. They listened to the auction on their mobile phones.
In Cremorne, three local families vied for a three-bedroom townhouse that sold at auction on Saturday for $1.15 million.
The property is located in 22/96 Gwynne Street The sale price was $950,000, within the quoted range of $900,000 to $1 million. The buyer opened the bidding at $915,000. The buyer bid in increments of $10,000 and $20,000 during the auction.
“The sellers put a lot of effort into presenting the home,” said Harley Toyle, of Buxton Stonington Estates.
The auction was held indoors to avoid heavy rain, with 30 people watching.
AMP chief economist Dr Shane Oliver said Melbourne’s housing market was enduring a bleak winter.
Mr Oliver said this month’s clearance rate was well below the average for July last year.
“The sales situation is pretty soft, so the sales volumes are low, the auction clearance rates are low and falling, all of which points to a pretty soft market,” he said.
“In my opinion, high interest rates are continuing to weigh on the Melbourne property market.”
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