Marshall White Stonnington associate director and auctioneer James McCormack said the three-bedroom house was a rare offering in South Yarra and had attracted interest from buyers who were not actively looking for a new property.
“There are markets within markets,” he said. “Grade A properties continue to attract buyers and are well priced.”
McCormack said there were buyers willing to put in the effort to get the right property at the right price, with some wanting to buy sooner rather than later, before further rate increases eroded their borrowing power.
The houses were two of 671 properties scheduled for auction citywide, up 62.1 per cent from the first week of spring last year, when Melbourne was in lockdown due to COVID-19, Domain data shows. .
As of evening, the preliminary clearance rate was 63.5 percent after 532 results were reported. 53 auctions were withdrawn, which were counted as unsold properties when calculating the liquidation rate.
In coveted Albert Park, another big result was recorded for a three-bedroom home at 22 Madden Street that sold for $3,275,000.
Three parties competed, but only after an initial offer of $2.8 million. Offers of $25,000, $10,000 and $5,000 followed.
The renovated Victorian terrace was put on the market for $3.09 million and sold after 70 bids.
Marshall White Port Phillip manager and auctioneer Oliver Bruce said the sale was in front of a crowd of about 200 people, who were eager to see an auction on the first weekend of spring.
North of town, in Ivanhoe, a renovated three-bedroom home at 52 Marshall Street sold at auction for $1.39 million, above the $1.3 million reserve.
Nelson Alexander Ivanhoe’s partner and auctioneer Gordon Hope said three bidders, all young professionals, fought for the keys.
An initial offer of $1.25 million set the stage, and advances of $10,000, $5,000 and $2,500 brought the property to its asking price.
“We thought it was a great opening for the spring,” Hope said.
In Knoxfield’s first homebuyer belt, a four-bedroom single family home at 87 Allister Avenue sold for $896,000, above the $720,000 reserve, after 14 bidders registered and eight competed.
Ray White Ferntree Gully’s sales agent, Matthew George, said the sellers were delighted with the result and now planned to move closer to the city.
The buyer, who moved from Hong Kong earlier this year, was also happy with the result, he said.
In Strathmore, a four-bedroom property at 6 Cranwell Avenue passed after a single-seller offer of $1.6 million, below the price range of $1.62 million to $1,675,000.
Brad Teal Woodards Essendon director Bruce Warburton said although there were offers after the auction, it was not enough to reach a deal. But he was hopeful that the house would sell quickly.
A five-bedroom home in Glen Waverley, in a double block at 14-16 Packham Crescent, passed with a one-time offer of $4.6 million, at the low end of the $4.6 million to $4.9 million price range. The reserve was $4.8 million.
Belle Property Glen Waverley manager and auctioneer Nicholas Brennan said it was one of the most expensive homes in the area, making it a bit difficult to find a buyer in today’s market.
However, with many people away from home during the spring, he was hoping to find a buyer in the next few days.