West Footscray house sells post-auction for $1,175,000 after passing in
A West Footscray house sold at Saturday’s auction after a single bid was sold for $1,175,000 in post-auction negotiations.
Despite attracting a large crowd, the three-bedroom, two-bathroom home went ahead with its auction. 6 Dyson StreetGuided from $1,075,000 to $1,175,000, the slow start to this bid forced Village Real Estate agent and auctioneer Joseph Luppino to work hard for the only bid that came his way.
After placing a seller’s bid of $1.1 million, Luppino managed to get an actual bid of $1,120,000 about 12 minutes into the auction before consigning the house. The reserve price was $1.2 million.
There is no legal requirement for a seller’s reserve to match the property’s price guide.
“It was a bit surprising; there were other parties in the crowd who were interested, they just didn’t raise their hands,” he said. “We’re seeing this more and more these days.”
However, after about an hour of negotiations, the bidder, a young local family, purchased the house for $25,000 under reserve.
Luppino said sellers who moved to Warrnambool during the COVID years kept the house with the intention of moving back to Melbourne, but eventually decided to stay in Warrnambool to be closer to family.
The property was one of 147 properties scheduled to go up for auction in Melbourne this week.
Related Sunday, Luppino said although buyers are more nervous, they are still in the game.
“The market isn’t bad; we’ve broken records twice in West Footscray in the last month and a half,” he said, adding that a lack of “good properties” on the market was also to blame for the market slowdown.
“I think people are just holding back, but by holding back they’re missing out; you should only buy when they’re buying.” [homes] “Come up,” he said.
In Melbourne’s south-east, two young couples battled over a three-bedroom townhouse in Murrumbeena that sold for $925,000.
“Thoughtfully renovated” townhouse 7/223 Murrumbeena Road It was listed with a price guide of $880,000 to $930,000 with a reserve of $920,000.
Buxton Real Estate Bentleigh agent and auctioneer Ivan Blow opened the auction with a seller’s bid of $850,000, followed by an actual bid of $860,000. From there, bids quickly reached the reserve.
“The successful couple had help from one of their parents; the father was bidding back boldly and confidently, while the other party was hesitating and when they bid, the father was bidding directly,” he said.
“People say there is a strategy and I will mostly say no, the highest bidder will win that day, but in this instance my dad’s confident bid certainly made a difference and perhaps shook the low bidder,” he added.
Don’t comment on the marketBlow said April was “always a quiet month with Easter and school holidays” and March was also a successful sales month.
“We saw in January and February that the market was much more concerning… but I think most people have now factored in the rate hikes,” he said.
Meanwhile, in Fawkner in Melbourne’s north, an investor outbid four other parties to buy a house built in the early 60s that was still in its original condition.
three bedroom house 148 Lorne StreetSituated on a 727 square meter plot, the apartment was listed as an “original house ready for renovation” with a price range of $780,000 to $820,000. It had a reserve of $800,000.
Laksh Jassal, principal agent at Ray White Coburg, said despite a “very slow auction” the house sold for $866,000 with five parties bidding.
“It started with an actual offer of $700,000, went up to $720,000, and then we had to take a short break and talk to the seller before submitting a seller offer of $770,000,” Jassal said.
“That’s when the auction came into play.”
The buyer was a local man purchasing his first investment property. renovate the house before renting.
The closest bidder was an elderly couple from Türkiye looking for their first home.
Jassal said that “there is a change in the market compared to the current situation.” [global] situation”, people were still buying more carefully.
“We’re still getting good prices…we’ve lost the urgency to buy at a time when many buyers aren’t very willing to bid.”
