Elsternwick townhouse passes in at $950,000 after just two vendor bids
Updated ,first published
A three-bedroom bungalow on a block of around 900 square meters in Essendon has sold for $1,845,000 to a developer who plans to build townhouses on the site.
Ownership 70 Cooper Street it had been in the same family for generations and was directed at $1.7 million to $1.8 million.
The house has been showcased as a place to live, preserving historic features such as plush purple sofas in the pink living room, a bright yellow kitchen complete with Richmond Tigers premiership posters and a vintage doll in the front bedroom.
Nelson Alexander auctioneer Matthew Febey opened Saturday’s auction with a bid of $1.7 million. The price rose in $10,000 increments as three bidders surpassed the $1.75 million reserve.
After reaching the $1.8 million limit, a fourth bidder—the eventual winner—began making bidding bids, forcing open bidders to give up their spots.
One family who submitted an open bid said they were forced out because it was “a little too aggressive” for their budget.
Listing agent Jason Barbara said the buyers planned to build two townhouses in the area and reached a deal before the end of the fiscal year (just 17 days away).
He said the sellers are moving on to the next phase of their lives and are thrilled with the outcome.
“Today’s turnout at this time is a good indication that it’s not that bad there,” Barbara said.
The property was one of 972 properties scheduled to go up for auction in Melbourne this week.
A five-bedroom, five-bathroom and 10-space mansion in Strathmore sold for $5.3 million in post-auction negotiations, $200,000 below its reserve.
French country-style property 37-39 Bournian BoulevardIt features gold-leaf ceilings, a double-height entryway, a pool, an outdoor area and a lavish screening room.
It had a price guide of $5.7 million to $6.2 million and a reserve of $5.5 million.
McDonald Upton representative and auctioneer Milo Rasinac said bidding started at $5.2 million and two bidders competed, then settled at $5.25 million, which was accepted.
He said the sellers “met the market” in negotiations at $5.3 million and realized that was “fair market value today.”
Built just 17 years ago, the house was of high quality and “a lot of money was invested,” Rasinac said. Sellers were downsizing and buyers were moving their large family into a home that met their needs.
An updated brick townhouse in Elsternwick passed at $950,000 after only two seller bids left the property $125,000 below the low end of its range.
Mid-century, two-story, two-bedroom house 3/33 Nepean Highway It is on a service road running along the southern main artery. It had a price guide of $1,075,000 to $1.18 million with a $1 million reserve.
The property has been freshly painted, has a new kitchen and bathroom, floating floorboards and a large courtyard.
Barry Plant Rowville agent and auctioneer Stan Michael said bidding began with a vendor bid of $925,000, and another vendor bid increased that to $950,000, whereupon the property was transferred.
Michael said the agency tried to convert the property for private sale before it went to auction, but the sellers – an elderly couple who were downsizing – were keen to test the market after the campaign.
Michael said it was a tough market for agents.
“This is due to external factors, but this is one of the rare times as a listing agent that I have had so few sales,” Michael said. He urged sellers to listen to agents about the state of the market.
In Fitzroy, a “cosy” north-facing double-storey terrace has sold at auction for $1,332,000 after four bidders pushed it more than $200,000 over reserve.
In the heart of the neighborhood 183 George Street A large courtyard features character touches such as a lush garden and exposed brick walls. The price guide for the two-bedroom property was $1,050,000 to $1,150,000.
Nelson Alexander Fitzroy agent and auctioneer James Pilliner said the auction opened at the bottom of the guide, rising in increments of $10,000 and went above the reserve of $1,125,000.
After bids topped $1.26 million, they dropped to $5,000 and $1,000 increments, and the house sold to a local buyer. The house was sold as part of an estate.
It’s rare to find a home in this price range and with this much space, Pilliner said.
In an otherwise troubled market, he attributed the outcome to the house’s “little differences”; Although the house was “a little old,” it was light-filled, well-organized and “really comfortable.”
