In North Melbourne, a renovated three-bedroom family home at 94 Howard Street sold for $1.51 million, above the $1.36 million to $1.46 million guideline, after five bidders competed.
An investor won, although they had plans to downsize the house later.
Abercromby real estate agent and auctioneer Simon Curtain said the sellers, who had owned the home for about 27 years, were looking to downsize to a single-level home.
“It really felt like a normal auction, and since the beginning of the campaign we had 60 groups on the property … and five bidders, which is what we would normally expect,” Cortina said.
While buyer demand was positive, it said providers were hesitant to list with further interest rate hikes and the high cost of living in the news, it said.
“It would be nice if providers trusted these kinds of results,” he said.
Two more family homes sold well in Maribyrnong, after several bidders competed.
A four-bedroom house, built 14 years ago, at 37 Pridham Street, sold at auction for $1.51 million after four bidders clashed.
An initial bid of $1.4 million sparked competition and bids quickly flew to meet the asking price, said Paul Filippone, a partner at Barry Plant Keilor.
The buyers, a local family, were taking advantage of lower prices to upgrade their current home, like many other buyers, Filippone said.
“There is a general feeling that the worst is over, and we are drawing those conclusions from the number of people open for inspections,” he said. “I think people are getting used to it, as there are more interest rate hikes, they just get on with their lives.”
Another three-bedroom family home, at 27 Hillside Crescent in Maribyrnong, sold for $1.1 million when two bidders competed.
The buyers, a shrinking couple, were the winning bidders, who wanted to be close to the Maribyrnong River walking trails and the local shopping center.
Biggin & Scott Maribyrnong director Mark Basilone said properties sold as long as sellers understood the market was changing and they wouldn’t get the same prices as earlier in the year.
“I’ve been in real estate for 23 years and as long as sellers understand what’s going on and set their reserve price accordingly, things will sell well,” Basilone said.
At Kew, one of the biggest results of the weekend was a three-bedroom cliff-top house near the Yarra River, which sold at auction for $5.1 million, well above the $3 reserve, 5 million.
A crowd of 80 people gathered to watch the sale of 8 Rockingham Close and the offer was opened at $3 million.
Fierce competition from four bidders pushed the price up to $5.05 million, before a final bid of $50,000 sealed the deal for the buyer, a local gearhead.
Kay & Burton Hawthorn director Scott Patterson said the house, built in 1979 and kept in its original condition, was the kind of property that rarely sells.
“It was a unique offering, a rare property because it was on the cliff and the house allowed people to downsize, renovate or rebuild or even expand for a family,” he said.
At Tullamarine, another rare offering at 189 Melrose Drive, sold for $1.317 million when four potential buyers clashed.
The house on more than 1,000 square meters of land sold above its price range of $880,000 to $920,000.
Ray White Gladstone Park sales agent Dom Zampaglione said the buyer, a developer, has plans to build on the large block.
“There are still some good buyers,” Zampaglione said. “Something like this doesn’t come up often, especially in Tullamarine.”
The seller, who turns 100 in a couple of weeks, had lived in the house until just four weeks ago and was delighted with the sale, he said.
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