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“I think it’s a great location because it’s close to the train station, Union Street, Grantham Street, Sydney Road and all the parks.”
West said the sale turned out well.
The auction attracted interest from investors and owner-occupiers. Credit: Simon Schluter
“The market is good. A lot of buyers are looking,” he said. “They are competing fiercely. The available inventory is still insufficient, which is why prices are rising.”
In Glenroy, a one-bedroom apartment sold at auction for just under $300,000 after six buyers competed.
Elderly Unit 3/176 Melbourne Avenue It is listed by Matthews agent Joel Taylor with an asking price range of $200,000 to $220,000.
“Obviously, the price is attractive,” said John Matthews, auctioneer and chief executive of Matthews.
He said pricing the home was difficult because few similar properties have come for sale recently.
“When we did the comparison, there was a renovated one-bedroom that sold for $240,000, and that was the only sale in the last six months,” Matthews said. “We figured if a renovated one sold for $240,000, we didn’t want to overprice it.”
That reserve price was the highest bid, and the winning bidder, a tenant, paid $282,000 for the former investment property.
Mr Matthews said he had expected the buyer group to be evenly split between investors and owner-occupiers, but as prices climbed towards $250,000, the former shrank.
In Richmond, a warehouse conversion in the popular AKM building sold to an owner-occupier for $1,634,000.
lie in 21/24 Tanner Street It features a dramatic entrance with double-height ceilings, a Bard Gallery library and a rooftop terrace with panoramic views.
BigginScott agent and auctioneer Andrew Crotty, who is offering the home for $1.5 million to $1.6 million, said potential buyers liked the home’s multi-level layout and unique features.
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“We’ve never built a three-bedroom, two-bathroom (apartment) with a roof terrace in the last five years,” he said. “So this one is really great … it has a huge surprise.”
The auction started at $1.45 million and with three-way bidding the price quickly rose to $1.6 million and was placed on the market.
Bidding slowed down and Crotty sold the house to a local family for $1000. Crotty said the underbidder was a buyer from Perth who wanted a “city apartment”.
The AKM Building was an early, popular example of the warehouse-turned-apartment-building style, he said.
In Carlton North, two sisters bought their first home at auction, a townhouse on a small block of five.
Two-bedroom residence 2/581-585 Nicholson Street It is listed by Jellis Craig agent Rosemary Sarr with an asking price range of $850,000 to $900,000.
She said the auction started at $860,000 and there were two parties involved.
“(The bids) ranged from $1000 to $500. It was very slow,” she said. “(The bidders) were first-time buyers who had never bought a home before and they were just trying to slow the bidding process down.”
Most potential buyers are renters, Saar said.
“The customers are all renters,” she said. “A lot of them have been evicted from their rental homes and they want to buy their own property.”
The winning bidders have been priced out of their North Melbourne home. They paid $967,500 for the townhouse, which had a reserve of $915,000.
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