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The sale was one of 1003 auctions scheduled in Melbourne on Saturday. As of Saturday night, Domain Group recorded a preliminary auction clearance rate of 62.6 per cent, with 720 auctions reported and 91 auctions withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
A family from Camberwell who bought a four-bedroom single-storey brick house in Canterbury for $3.45 million will move to another postcode.
Successful buyers 54 Highfield Road They bid $3.45 million for the 966-square-metre property. They topped out at $3.4 million but Heavyside auctioneer Steven Zervas asked for a $50,000 increase to get the house through the auction.
“In the interest of transparency, the vendors wanted to sell the home via auction,” Zervas said. The home sold at the reserve price.
The auction was held in the backyard of the house. Bidding started at $3 million and there were two bidders. The only bids were $50,000 increments. The guide was $3.2 million to $3.5 million.
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Zervas said the sellers preserved the home’s original features.
“Any home that’s move-in ready, people will pay for the convenience,” he said.Tim Heavyside and Sabrina Bu are the listing agents.
Located in Gladstone Park 3 Fiona Court The sale price was $1,005,000 — $185,000 more than the seller paid a year earlier.
Ray White listing agent and auctioneer Malek Younan said the vendors had started the renovation before deciding to move closer to the city. They purchased the four-bedroom property in June 2023 for $820,000.
“They did such a good job that the husband cried,” Younan said.
There were four buyers at the auction. A middle-aged couple successfully bought the house with an opening bid of $820,000. Younan said that the couple’s fierce bidding surprised him because they did not show much interest before the auction day.
The successful buyer beat out two other couples and a family for the home. The reserve was set at $860,000, above the $790,000 to $830,000 price guide.
“They might go all in at the beginning, and then other people start to join in,” Younan said.
A renovated two-bedroom home in Richmond 11 Dickens Street Sold for $1,356,000.
Two first-home buyers attended the auction. Jellis Craig Richmond listing agent Trent Stewart said both buyers had missed out on other properties recently.
Bidding opened with a vendor bid of $1.2 million. Once buyers started raising their hands, Stewart said bidding became competitive, with many bidding less than $10,000.
“He was literally just the last person with a ton of money,” Stewart said.
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The sellers are no longer buying two-bedroom homes because of their growing family, and Stewart said they will stay in Richmond.
AMP chief economist Dr Shane Oliver said Melbourne’s housing market had rebounded after the long weekend.
He said the number of home listings in Melbourne was 50 per cent higher than in June last year.
“This suggests sellers are more motivated. Either sellers are taking advantage of slightly higher prices than a year ago, or they are distressed and looking to sell to pay off their mortgages,” he said.
“I suspect it’s probably a combination of both factors, but it does look to me like there has been an increase in distressed listings.”
Mr Oliver said the Melbourne property market was complex.
“Surging immigration is supporting house prices, but high interest rates are having the opposite effect. Tax changes at the state level are dissuading investors.”
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