Moonee Ponds mansion sells for $1.92m
A three-bedroom French country-style mansion in Moonee Ponds sold at auction Saturday for $1.92 million; this was almost $200,000 above its reserve after more than 50 bids from five bidders.
Large red brick corner block house 155 Park Street It had multiple living and dining areas, a landscaped garden, and original 1990s carpeting, tiles, and decor.
Jellis Craig Kensington auctioneer and agent John Morello said it felt a bit “like going back in time”.
He was surprised by this result, with a price guide of $1.65 million to $1.75 million and a reserve of $1,725,000.
“[The guide] “It was probably a reasonable price when we realized people still had to spend money on it,” he said.
The property was one of 587 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a pre-auction approval rate of 59 percent from 391 results reported during the week, while 48 auctions had been withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
The preclearance rate of 59 percent is approaching the 60 percent threshold generally considered indicative of a balanced market after weeks in the mid-50s, but prices are likely still falling.
While the upfront interest rate is typically reduced by the end of the month, officials suggested that both buyers and sellers are adjusting to an environment shaped by higher rates, the negative gearing of recent regulatory changes and the impact on capital gains, and fewer homes on the market as a result.
Bidding on 155 Park Street opened at a “cheeky” price of $1.4 million, followed by a quick $1.65 million offer from the buyer’s attorney, Morello said.
Five bidders then traded in increments of $20,000 and $10,000 before it was posted on the market at $1.74 million. After more than 50 bids, the property was sold to a solicitor acting on behalf of a local family looking to expand.
Morello said apart from a Sydney-based investor who came to the auction, the other bidders were local families; was an unexpected buyer in this price range. The house was sold as part of a deceased estate.
Morello reasoned that buyers would probably need to renovate the home, but the lack of supply and prestigious location worked in his favor.
“My reading is that volumes are down 20 to 30 percent, which is probably why we don’t have a healthy depth of buyers,” he said. “Five bidders at an auction… you don’t see that on a regular basis right now.”
A three-bedroom house on a large corner block in Blackburn was last sold for $1.62 million in October 2023, for less than $1,631,300.
On approximately 900 m2 of land, 21 Stanley Grove Ray White Box Hill representative Linda Pan said throughout the campaign she attracted interest from developers and builders willing to subdivide.
“The old owner got a permit for two people [townhouses]He said buyers are confident they can get approval for three to four.
The home’s price guide was $1.5 million to $1.65 million and its reserve was $1.6 million.
Bids opened at $1.4 million, rose in increments of $50,000 and $25,000, then slowed to bids of $10,000, $5,000, and then $1,000 before ending.
He said sellers are increasing in the area and are realistic about reserves.
“Good land and nice family homes are still selling for a good price,” Pan said, but he thought the market was still finding its feet.
“Buyers’ interest in offering or purchasing [actually] “It is at a similar level to sellers’ expectations,” he said, noting that uncertainty makes it even more difficult to close the gap.
A white wooden house in Upper Ferntree Gully sold at auction for $1.3 million; five bidders earned $450,000 from opening bid to sale price.
With four bedrooms, parquet floors, front and back gardens spread over a 733 square meter block, 52 Willow Road It had a price guide of $1.1 million to $1.2 million and a reserve of $1.15 million.
Ray White Ferntree Gully agent and auctioneer Austen Kosasih said bidding started at $950,000 and it was “a bit of a mess” as five bidders raised the price in increments of $20,000 and $10,000, with bids eventually falling to $1,000 before the sale.
“[It’s] “It’s the one pocket in the suburbs where most of the houses are flat,” he said, noting that buyers are downsizing. “They’re very popular.”
He said the sellers were selling to finance the construction of a block they had purchased in the area.
Despite Cotality data showing a decline in house values across Melbourne in the June quarter, Kosasih felt the market was in a better place than before the May budget.
“The last three properties I sold have all performed quite well.”
