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Barrett also sold 14 Elgin Street, Hawthorn, at auction on Saturday for $4.82 million. The vendors made an $815,000 paper profit after they bought the home in 2017. The property had a reserve price of $4.3 million.
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The vendors made no changes to the renovated single-storey home from when they bought it. A local young family beat three other families in a competitive auction, Barrett said.
“It is on 504 square metres and has no car parking, but it has a really, really good renovation,” Barrett said.
Barrett said buyers were most interested in modern or fully renovated properties.
“Well-located turnkey properties have had so much demand,” he said.
In Albert Park, an owner-occupier won the keys to a two-bedroom house over a developer for $2,895,000 at 75 Richardson Street.
Jellis Craig Port Phillip listing agent and auctioneer Warwick Gardiner said the home was a rare find in Albert Park because it had no heritage overlay.
Bidding for the auction opened at $2.5 million, at the lowest end of the price guide. The highest point of the price guide, $2.7 million, was the reserve price.
Gardiner said that the auction was well attended by 50 people, with locals watching on due to a lack of stock on the market.
The owner-occupier made much stronger bids than the developer, Gardiner said. The developer would make a $1000 bid and the owner-occupier would make an immediate $10,000 raise in response.
The vendor was an Australian expat living overseas who decided to sell the property because they would be overseas for the foreseeable future. The vendor had acquired the planning permits to allow for future development.
“All the hard work was done for them, so it was a good opportunity (to buy),” said Gardiner.
In Northcote, a young couple matched the vendor’s reserve price for the home at 93 Emmaline Street in negotiations after it was passed in at auction.
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The young couple were the only bidders in the auction and the two-bedroom property was passed in at $1.34 million. The successful buyers agreed to pay the reserve price of $1.4 million set by the vendor. The vendor was an owner-occupier.
Nelson Alexander Northcote auctioneer Robert Enes received an opening bid of $1.3 million from the young couple in the auction. Enes made a vendor bid of $1.32 million, then paused the auction to consult the vendor.
After recommencing, the young couple made a $1.34 million bid. But no other parties entered the auction and it was passed in.
“I think it (the result) was very comparable to what we have been selling in the area in recent times. That buyer pool does seem to be one or two buyers at these auctions,” Enes said.
“The buyers loved the home so it was a very simple process for them.”
The listing agents for the property were Luke Sacco and Monique Verga.
Ray White chief economist Nerida Conisbee said that the clearance rate on the weekend was weak.
“The last interest rate did take some heat out of the market, so that is probably what we’re still seeing in the clearance rate this weekend,” she said.
The Melbourne property market has mostly closed now, with auctions not expected again until February.
“The year was pretty strong, given we had all of those interest rates,” Consibee said. “A fundamental problem in Melbourne is a lack of homes being built, [which] means that a lot more people are being pushed into the established home market while developers cannot get projects off the ground. The pricing differential between a new property and an existing one is too great at the moment.”
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