Thornbury California bungalow sells for $1.85 million
An updated California bungalow located between Thornbury’s High and Station streets sold at auction Saturday for $1.85 million, going over $50,000 above its reserve by three bidders.
Recently renovated three-bedroom house 154 Gooch Street There is ample open-plan entertainment, a separate studio and lush gardens within a 10-minute walk of the cafes on the High Street. coolest street in the world with time out Magazine in 2024.
It had a price guide of $1.7 million to $1.75 million and a reserve of $1.8 million. There is no legal requirement for a seller’s reserve to match the property’s price guide.
The property was one of 588 scheduled to go up for auction in Melbourne last week. As of Saturday evening, Domain Group recorded a pre-auction approval rate of 57 percent from 386 results reported during the week, while 71 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
The liquidation rate remains below the 60 percent threshold generally considered a balanced market; In this period last year, this rate was 67 percent. While there has been an overall reduction in properties coming to auction over the winter months, some agents said stocks had fallen even more than expected, with auctions scheduled for a third this year compared to their peak in March last week.
Jellis Craig Northcote agent and auctioneer Luke Brizzi thought 154 Gooch Street appealed to buyers even now because people “buy by feel”. He said potential buyers have commented on how comfortable the home feels.
The auction started at $1.7 million, rose in increments of $20,000, then reached the reserve of $1.8 million, then bids dropped to bids of $10,000 and $5,000 before selling to a local family.
Brizzi said that the bidders were also a local family, and the third bidder was an elderly woman who competed on behalf of her children living in New York.
“They realized it was a good time to buy,” Brizzi said, and they were hoping to buy a property when they returned to Australia.
The sellers bought the home in 2020 for $1.69 million and were moving to be closer to family.
Even though the market overall is down, “there are still a lot of people interested in the $1 million to $2 million range,” Brizzi said.
On Sunday, a three-bedroom brick house on a deep block in Seabrook sold for $740,000; A local landlord beat up an interstate investor for getting close to his daughter.
I share a fence with Kingfisher Drive Reserve. 17 Near the Seaside It was priced “a little less than others in the area” because it probably needed an update, said Ray White Point Cook agent Ash Mahajan, whose owners are downsizing.
“About $30,000 to $40,000 in touch-ups were needed,” he said. The property had a price guide of $696,000 to $765,000 and a reserve of $735,000.
Auctioneer Amar Thakkar opened the auction at $690,000, just below the guide. Three bidders increased the price in $10,000 increments. The bidding then slowed down to $5000 bids and ended just above the reserve.
Mahajan said the home sold well because of limited inventory in the area and realistic expectations from older sellers who were ready to move in.
“They didn’t want to spend anything and … were happy to leave whatever they had that day,” he said.
A three-bedroom house in its original 1970s condition in Box Hill North sold at auction Saturday for $960,000; With two bidders, the home went just over its $950,000 reserve.
In a corner block of 532 square meters, 18 Woodhouse Grove It had a price guide of $900,000 to $990,000, which was reduced to $1.1 million from the original $1 million in late June.
CHN agent and auctioneer Calvin Chan said the sellers had moved into aged care and although the house was immaculately maintained, he thought this limited its appeal to buyers looking to “spend a little money and make it their own”.
Chan said bids opened at $900,000, rose steadily in $5,000 increments, and eventually sold for more than $10,000 above the reserve.
He said the buyers lived in a neighboring suburb and saw the opportunity for regeneration, as well as Box Hill North’s prime location on one of the main residential streets.
Chan thought that while the market appeared to be in decline overall, sellers were performing well due to limited supply in the region, with sellers lagging behind after three successive interest rate hikes and changes in negative gearing, as well as the capital gains cut announced in the May federal budget – but he was optimistic that the market had settled.
“Everyone is aware of these effects,” he said. “Buyers are, sellers are, agents are, and overall there seems to be a price adjustment.”
