Source : the age
A four-bedroom double-fronted Victorian in the quiet backstreets of Brunswick East sold at auction for $1,505,000 on Saturday, more than $50,000 above its reserve.
The white weatherboard house at 62 St Phillip Street features updated interiors and large gardens at the front and rear, with decking, undercover entertaining areas and rear laneway access to a sealed carport and separate laundry.
The property had a price guide of $1.35 million to $1.45 million, and a reserve of $1.45 million.
Ray White Brunswick agent and auctioneer Jamil Allouche said bidding opened at $1.3 million, which was quickly countered by a $50,000 jump to take it to $1.35 million.
From there, Allouche said, it was a “quick succession” of $10,000 increments, which he thought knocked some potential bidders out, although four actively competed.
Once the property was declared on the market at $1.45 million, bidding slowed to $5000 increments, Allouche said. But after “a bit of a final flurry” between two bidders, the property sold to a local couple.
The home had been owned by the same family for a generation, and the vendors sold as their children were now moving out.
“I’m seeing a bit more activity on the ground compared to what it was two months ago,” Allouche said, while acknowledging the market was still tough going into spring.
The Brunswick East property was one of 582 scheduled to go to auction in Melbourne this week.
In Williamstown, a two-bedroom brick home tucked behind a high fence in a coveted pocket sold at auction for $985,000, with three bidders helping it rocket $85,000 above its reserve.
The light-filled, updated home at 9 Smith Street is just a short walk from Williamstown’s Esplanade and rock pools. It had a price guide of $850,000 to $900,000, and a reserve of $900,000, for an area which Compton Green agent Gerard Hannan called “the pinnacle of the inner west”.
“You’re surrounded by $5 million homes,” he said. “You don’t need the $5 million price tag, and you get that lifestyle where you can just walk to the beach.”
Bidding opened at $850,000, and three active bidders – two young couples and a downsizer – bid quickly and competitively in increments of $10,000 and $5000. It sold to a young couple moving back into the area where they grew up.
The vendor sold on behalf of her mother, who recently moved out.
Hannan said it was difficult to read the market, but well-placed houses at the right price were still selling.
“It’s almost like a four-speed economy right now,” he said. “There’s certain properties I can’t give away and others that are doing extremely well.”
