Recent results from Eumemmerring, Fawkner and Berwick as buyers remain cautious
A dilapidated weatherboard house in Melbourne’s south-east sold at auction for $732,000 on Saturday; this figure was $132,000 above his reserve.
three bedroom house 62 Doveton Avenue, EummerringLocated on a large block of 797 m², the villa had a price guide of $640,000 to $700,000 with a reserve of $600,000.
Sales representative Shabana Rexhepi from Real Estate Xpert said the reserve was reduced during the campaign.
“The property was actually destroyed after it was put on the market, with copper pipes stolen and damaged, so the reserve was reduced,” he said.
Three bidders participated in the auction: two developers and a first home buyer. Bids opened at $590,000, rose in increments of $20,000, then fell to $10,000, $5,000, and then $1,000.
In the end, one of the developers outbid the low-bidding first home buyer.
Recepi said, “They are planning to demolish the house and build new units.”
While the market has been tougher in recent weeks, Rajapi said his real estate business, which specializes in sales to builders and developers, has been an advantage.
“My wife and I, who are both registered builders, are making a difference between us,” he said. “We have a big database of developers we can call, and that helps us right now.”
The property was one of 448 properties scheduled to go up for auction in Melbourne last week.
As of Saturday evening, Domain Group had recorded a pre-auction approval rate of 55 percent from 262 results reported during the week, while 52 auctions had been withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
North of Melbourne, three bidders competed for a renovated Californian bungalow that sold for $1,300,500.
Four-bedroom family house 27 Emma Street, Fawkner It had a price guide of $1,200,000 to $1,300,000 and a reserve of $1,280,000.
Ray White Glenroy sales agent Ömer Köksal said all three bidders were second home buyers looking to expand their homes and two lived in neighboring suburbs.
“It was funny because the owners who had lived in the house for 18 years were also outgrowing the house,” he said. “They watched the auction live from London because they were on holiday there.”
Bids opened at $1,180,000 and increased in increments of $20,000 and $10,000.
“The successful bidders are a young couple currently living in Preston and expecting a baby,” Koksal said.
He said the campaign was “very successful,” with about 65 groups viewing the home, which includes an open, hidden space with hardwood floors, a designer kitchen and a pizza oven.
“The house was spotless; you didn’t have to spend a dollar, so it was very
“It’s attractive,” Koskal said, adding that this factor also makes this a standout result during what he describes as a “strange phase” in the market.
“This campaign and auction has received the most action in the last four weeks,” he said.
A three-bedroom family home in Berwick sold at auction for $845,000 (under $860,000)
reserve.
Home 17 Argyle CourtThe price guide for the home, which has two bathrooms, a double locker garage and a generous garden, ranged from $860,000 to $900,000.
Selling agent Martina McArdle of LITTLE Real Estate Victoria said two bidders entered the auction, which opened with a “stupid bidding”.
“One person opened the auction with a bid of $750,000, which was a stupid bid,” he said.
The other bidder, an investor, placed the second and only bid of $845,000, the price at which the property ultimately sold.
“He plans to rent it for a few years, renovate it and move here,” McArdle said. “He really just wanted to get into the district because of the school boundaries.”
The seller was an elderly man who was transitioning into aged care. McArdle said the mark has “dropped significantly” since the federal budget was distributed in May.
“Investors are selling because the capital gains tax is not in their favor,” he said.
PRD chief economist Dr Diaswati Mardiasmo said auction approval rates have remained relatively stable over the past few weeks.
“These rates are lower than the usual strong Melbourne auction approval rate as many investors are still either waiting to see whether the federal budget investment tax bill will be passed as law or trying to find the best investment structure for their personal finances,” he said.
More generally, Mardiasmo said there is still a cautious buyer base.
“Many reports indicate that capital city prices started to fall last month, this is particularly evident in Melbourne,” he said.
“We have a lot of buyers waiting to see if there will be further price reductions.”
