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By evening, Domain Group recorded a preliminary clearance rate of 60 per cent after 865 results were reported; 124 auctions were withdrawn. Withdrawn auctions are counted as not being sold as part of the clearance rate.
Nearby in Northcote, a four-bedroom house at 21 Prospect Grove sold under the hammer for $3,015,000, well above the $2.75 million reserve.
The buyers, who were interstate on a trip, had family at the auction bidding on their behalf. They were one of two bidders who fought it out, trading $20,000 bids throughout the sale.
Bidding opened at $2 million from the crowd, with a follow-up vendor bid of $2.5 million causing competition to ramp up. The property had a guide of $2.5 million to $2.75 million.
Jellis Craig Northcote’s Sam Rigopoulos said the buyers had been looking to buy into the Northcote area for some time, while the underbidders, who were planning to downsize, had only just started looking for a smaller home.
“They were really at opposite ends of the property journey,” Rigopoulos said.
He said the strong result at 21 Prospect Grove was not reflective of the market in recent times, with results changing as more buyers tried to get into the market before the end of the year.
“We thought the buyer pool was thinning out, but it seems like there’s been a resurgence of buyers this weekend.”
In South Yarra, a four-bedroom Victorian house at 46 Oban Street sold under the hammer for $2.43 million.
The property, which had a guide of around $2.3 million, was called on the market once offers reached that price.
Three bidders, all couples with young children, competed once the auction started on a vendor bid of $2.15 million. Bids came in mostly $20,000 increments, with one young family edging out the others to win the keys.
The vendors, who live interstate, owned the property for 10 years and had been using it as an investment. They were planning to renovate and move in but had changed their plans.
Marshall White Stonnington’s James McCormack said auctions were doing exceptionally well, but that this was expected towards the end of the year.
“I feel like at this time of the year, people have a limited amount of time to get into the market before Christmas,” McCormack said. “So I always find the market is exciting.”
A first home buyer snapped up a three-bedroom Richmond home for $1,675,000, above the $1.35 million to $1.45 million guide.
The house at 19a Amsterdam Street, which was built in 2008, had recently been fully renovated.
Three bidders traded offers during the lightning-quick sale, where offers opened at $1.35 million.
Jellis Craig Richmond’s Matthew Coombs said mostly young buyers were interested in the home, which was move-in ready, with no renovation needed.
In Brunswick, a four-bedroom Federation-style home that had been owned by the same family for more than 60 years sold under the hammer for $1,365,000, some $165,000 above the reserve.
The home at 635 Park Street had a guide of $1.1 million to $1.2 million. It needs a major renovation, but that didn’t put off the buyers, a young family with parents and in-laws living in the same street.
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Four bidders competed for the property – two young families and two couples. Barry Plant Brunswick selling agent Ben Calcagno said the home had sold for an “emotional connection” price.
Park Street, he said, was a very desirable street for people wanting to live in Brunswick, and bidders often competed with their hearts as well as their wallets.
Bidding opened at $1.1 million and quickly reached its sale price with a series of $10,000, $5000 and $2000 offers.
“It was nice and quick,” Calcagno said.
While the Brunswick home sold well, he said others had passed in on the day.
“It’s definitely patchy,” he said. “There are certain types of homes that are more popular than others. The price also gets impacted when interest rates are high.”
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