Templestowe owner-builder pockets handsome profit at $2.4m auction

In Highett, a young local family beat out three other competitors to win a three-bedroom property for $1,776,000.

Bidding for the home is $1.4 million, with a starting price of 1 Lawson AvenueAfter the bidding reached the vendor reserve of $1.6 million, the two buyers who had bid in advance went silent. The final buyer and one other competitor entered the auction. They outbid each other until the sale was settled. All the competitors were young families or couples.

Listing agent and auctioneer Kevin Chokski of Ray White Cheltenham said the auction lasted 12 minutes.

“The market is really hot and people are eager to buy,” he said.

loading

“Lack of inventory in the market has led to higher sales in some areas.”

The asking price for the property is $1.45 million to $1.55 million. The seller is selling the home to move closer to family.

In Flemington, a freestanding three-bedroom Victorian house went to auction on Saturday but was passed in after the vendor bid was $1.4 million.

Three registered buyers attended 12 Turnbridge StreetBut no one was willing to raise their hands. Jayson Watts, the listing agent for Nelson Alexander Flemington, said he was confident the sale would be finalized within the next 48 hours.

The asking price for the property was $1.4 million to $1.5 million. After the auction, the property sold for $1.5 million.

“We’re seeing a significant drop in buyer commitment for certain property types in certain areas, and Flemington is one of those areas,” Mr Watts said.

Watts said buyers cited concerns about inflation and rising interest rates as reasons for their lack of action.

This home has been completely renovated and has a carport in the back.

loading

AMP chief economist Dr Shane Oliver said it was a positive weekend for the Melbourne housing market, in stark contrast to last month’s weak market trends.

“It’s slightly better than last week’s result, but I suspect that reflects a drop in listings,” Mr Oliver said.

Mr Oliver said Melbourne’s market was unlikely to continue to improve in the coming weeks.

“We do see some volatility in the week-to-week data. That volatility is likely not going to continue.

“I expect next week’s data to be weak again.”