Beaumaris family home passes in on $1.85 million vendor bid
A family home in Beaumaris was handed over at auction on Saturday with a seller bid of $1.85 million; this was $50,000 below the lower end of the price guide.
four bedroom house 11 Shands Street It’s close to Cheltenham Park and has luxury touches like a pool and spa with outdoor showers, alfresco dining areas and custom cabinetry throughout, including a wine display outside the dining area.
It had a price guide of $1.9 million to $2 million and a reserve of $1.9 million.
The property was one of 577 properties scheduled to go up for auction in Melbourne last week. On Saturday evening, Domain Group recorded a pre-auction approval rate of 54 percent from 383 results reported during the week, while 80 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
It is likely that the preliminary result will be revised to a lower level as more results are collected. This follows separate figures from property data group Cotality last week showing home values in Melbourne fell 1 per cent in June and were 2.6 per cent lower than three months earlier.
Ray White Bayside Group agent and auctioneer Kevin Chokshi said the only active bidder for the Beaumaris home placed an opening bid of $1.8 million, followed by a seller’s bid of $1.85 million, which passed on the property.
“There were two other people who did multiple inspections. One of them also brought in a builder,” Chokshi said, but both potential bidders were unable to secure financing and bid before the auction.
He said buyers who are delayed by delays in financing are increasingly being seen even among buyers who have been pre-approved by lenders.
“In a normal climate if [a buyer] “They had three months to handle their financing and they had a pre-approval that had expired, but their situation hadn’t changed, they would just go ahead and make a bid or bid at auction because they had 90 days to take care of their new pre-approval,” he said.
“I’ve never seen people be this careful. The simplest analogy is they want to go on more dates before they get married.”
Chokshi said the property was the “perfect” Beaumaris family home, luxuriously furnished and located within several prestigious school districts, and that he was currently in talks with three interested parties to convert the sale into a private deal. All three are families who want to stay.
Sellers are shrinking in the area. Records show the property last sold for $920,000 in 2009.
A three-bedroom Californian bungalow on coveted “South Bell” Street in Coburg sold at auction for $1,252,500 on Saturday, surpassing its $1.1 million reserve by just over $150,000.
It has a large backyard, separate studio, high ceilings and original hardwood floors throughout. 23 Vincent Street It had a price guide of $1.05 million to $1.15 million and was sold as part of a deceased estate.
Nelson Alexander Coburg agent and auctioneer Angus McPherson said the house appealed to buyers as an “immediately livable” period home but also offered renovation opportunities.
The auction opened with an actual bid of $1.05 million, quickly rising in $20,000 increments from four active bidders, then dropping to bids of $10,000, then $5,000, and finally $2,500.
“Sometimes you have to shorten your steps and try to get everyone involved,” McPherson said of the recent bids of $2,500.
The buyers were a young, professional couple who had been searching the area for several months, specifically hoping to purchase a bungalow.
McPherson said renovated homes in Coburg and Brunswick continued to sell well despite the broader downturn in the market, but he thought there was an opportunity for those looking to buy unrenovated but liveable homes in the area.
“I think people are being a little more cautious, which is to be expected,” he said.
Another period bungalow sold for $1.62 million in Northcote on Saturday, going $170,000 over its $1.45 million reserve in a lengthy battle between two bidders.
Three-bedroom home updated but full of character 49 Cain Boulevard It had a price guide of $1.45 million to $1.55 million.
It is located on a 654 square meter block and backs onto the train line.
Ray White Northcote auctioneer and agent Ian Dempsey said the property’s convenience and proximity to Fairfield Village were standout features for potential buyers.
“Literally, you walk down a little alley and you’re right there,” he said.
An actual bid started the auction at $1.4 million, which Dempsey said then jumped in $50,000 increments to $1.5 million, then dropped to bids of $25,000, “which was really small at the time.” [bids] a long period of time before the property is sold”.
He said the winning couple was already living on the street and the husband didn’t inspect the house until the day of the auction. The bidders were neighbors who were also renting a nearby unit.
Despite strong sales, Dempsey said the market is “definitely tougher.”
“But these are ups and downs,” he said. “We can’t always be in good shape.”
