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Three buyers, including a potential first-home buyer, attended the auction. 26 Duke Street But chose not to bid.
Biggin & Scott Richmond director and auctioneer Andrew Crotty asked for an opening bid of $800,000. The late buyer, who had never seen the house before, offered just $800,000. Crotty negotiated with the vendor and the house sold for that price.
He said the new owners had seen photos of the home online before the auction. The buyers advised they would renovate. They were moving from Sydney.
The property is being offered in the $800,000 to $850,000 range.
“It represents value in the market and I think everybody is happy,” Crotty said.
In Greenville, a family from Meadow Heights paid $1,607,000 for a five-bedroom house on 2653 square metres in post-auction negotiations.
Three buyers attended the auction 30 Palamino Valley CourtyardBidding opened with a seller’s bid of $1.5 million. After eight bids from the buyer, the auction slowed down and the property was sold at $1.55 million.
The highest bidder was invited to negotiate with the seller and bought the house. The price was between $1.5 million and $1.65 million.
“People who want to do this are moving from a smaller house to a larger one so they can do their own thing,” said Bill Karp, director and auctioneer at Barry Plant Gladstone Park.
“It needs a complete renovation and the land has to be rezoned,” he said.
In Carrum, a townhouse near Carrum Beach sold under the hammer for $1,035,000 with just one buyer at the auction.
The auction will be held on 5B Millicent Avenue The vendor bid $990,000, with an opening bid of $10,000. The buyer, from Geelong, bid $1.01 million. After no other bids came in, Ray White Chelsea director and auctioneer Shane O’Sughrue made a second bid of $1.02 million.
The owner-occupier made a final bid of $1,035,000 and the auction closed. In post-auction negotiations, the buyer and vendor agreed to a sale price of $1,067,500.
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“Buyer sentiment is a little subdued,” Mr Osagro said, citing high interest rates that have had an impact on the local market.
“Hopefully by the end of the year, everything will start again. But at the moment, the situation is a bit difficult.”
O’Sughrue lists the home with a price range of $990,000 to $1,085,000.
AMP chief economist Dr Shane Oliver said Melbourne’s housing market continued to weaken over the long weekend.
“Demand is subdued, listings are higher than a year ago and clearance rates continue to trend lower,” Mr Oliver said.
“I suspect this is all a result of continued high interest rates.
“The bottom line is that there are more listings than last year’s long weekend but the clearance rate is much lower, which suggests there are more distressed properties on the market and buyer demand is pent up.
“Long weekends tend to create distortions, but having said that, this is consistent with the ongoing weak trend we’ve been seeing.”
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