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“Single-storey Tuscan-style architecture with all modern amenities, poolside living and great alfresco dining.”
Records show the address last traded in 1999 for $620,000.
The property was one of 600 scheduled auctions in Melbourne over the weekend. As of Saturday night, Domain Group recorded a preliminary auction clearance rate of 59.2 per cent, with 436 auction results reported and 68 auctions withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
A 1920s California-style four-bedroom bungalow in Ivanhoe 4 Tora Street Sold at reserve for $2.05 million. This exquisite property had a price guide of $1.9 million to $2.05 million.
There were three bidders in the crowd. Bidding opened at $1.9 million, then one buyer added another $20,000. The property then sold for a true bid of $1.92 million. Afterwards, two buyers tried to negotiate, but only one bidder was able to negotiate. After the auction, the family home sold for $2.05 million.
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Selling agent Gordon Hope of Miles Real Estate Ivanhoe said the beautifully renovated home is a quintessential Ivanhoe-style home.
“It’s a 1920s California bungalow that’s iconic to the area… There’s not a whole lot to do with it, (it’s) turnkey, which is what a lot of buyers want right now,” he said.
“The location is very central, close to the area’s private school belt as well as Ivanhoe train station and shopping village.”
Buyer and Seller are both young professional families. Seller will be moving closer to family.
The home last sold for $1,955,000 in 2021, records show.
A charming three-bedroom cottage in Newport 2 Lloyd Street The guide was $900,000 to $950,000, the vendor bid $900,000 and it sold for $900,000. The reserve on auction day was $925,000.
The auction was attended by two buyers who had inspected the train line property several times before but had not made any offers.
Selling agent Anthony Christakakis of Jellis Craig Inner West was not concerned the home had been passed in and would continue negotiations with the buyer this week.
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“It’s not uncommon for properties to not go to auction. Generally they sell a few weeks later,” he said.
“Beautiful exterior, large lot, great property value, currently leased, very convenient. And very suitable for future … townhouse development.”
AMP chief economist Dr Shane Oliver said the 59.2 per cent clearance rate was surprisingly low.
Mr Oliver said the Melbourne property market was looking increasingly soft.
“House listings in Melbourne are also up compared to a year ago, up about 30 per cent,” he said.
“Auction clearance rates have fallen in Melbourne over the past few weeks as winter sets in, while interest rates remain stubbornly high with the likelihood of a rate hike high, which is clearly weighing on house prices. This is clearly the case in Victoria.”
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