The three-bedroom home at sold for $1,256,000 – $156,000 over the $1.1 million reserve.
It was one of 788 auctions scheduled in Melbourne on Saturday. By evening,Domain Group recorded a preliminary auction clearance rate of 63.1 per cent from 563 reported results,while 63 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
More than 50 people turned out to watch 12 registered bidders fight it out for the Coburg property.
After some initial hesitation from buyers,Ray White auctioneer Jamil Allouche placed a vendor bid of $1 million before parties began throwing out $10,000 bids.
“Some of the best burgers down the road ... I’d pay an extra $10,000 for that,” Allouche joked with the crowd.
The auction at 38 Higinbotham Street,Coburg,attracted 12 bidders.Jason South
Bidding came down to two parties in the end,both taking turns to offer bids of $1000 and slowly driving the price well above reserve,before the young couple declared their final bid and secured the property.
The buyers,who declined to give their names,said they were looking forward to moving into the area after living at their own properties in the neighbouring suburbs of Brunswick and Pascoe Vale.
The couple said they had spent the last three months searching for their first home together.
“We’re feeling pretty relieved. It’s been a bit of a tough market,” they toldThe Age.
In Burwood,an investor paid $172,000 over reserve to secure a four-bedroom townhouse,beating out families and young professionals.
A crowd of nearly 60 people spilled from the driveway atas four bidders vied for the property.
Bidding started at $1.1 million before climbing well above the $1.22 million reserve to $1,392,000.
Principal director at Belle Property Glen Iris Steve Burke said the vendors were “absolutely delighted” and cancelled their Saturday plans to celebrate the higher than expected sale.
Burke added that investors were starting to return to the housing market.
“We haven’t seen too many (investors) until now,” he said.
“Interest rates are predicted to come back down in November and as a result,there seems to be more activity. People are seeing that there is very strong rental demand.”
In Mont Albert North,a home that was on the market for the first time since it was built in the 1950s sold under the hammer for $1.57 million.
A local couple purchased for $70,000 over its $1.5 million reserve,beating two other bidders to nab the four-bedroom house.
Built in 1956 by the original owners,the home has been maintained by the same family and has never been listed for sale until now.
Bidding began at $1.45 million,and three parties drove the price up by $10,000 bids until it sold to the young couple,who have plans to upgrade the property and start a family.
Auctioneer and director at Heavyside Boroondara Tim Heavyside said the vendors were delighted to sell their home to a new family.
“The parents built their family home and it’s the first time it’s been offered for sale,” he said.
“[The new owners] are going to live in and continue to improve the property in terms of renovations ... they’re a young couple that live locally that are planning to have a family.”
In West Melbourne,a local family with renovation experience snagged a fixer-upper Victorian terrace for $1,231,000.
The property sold for $81,000 over its $1.15 million reserve.
Jellis Craig selling agent Marcus Kassab said bidding kicked off at $1 million,with buyers throwing out bids of $10,000 and $20,000.
Kassab said the local family who bought the home had experience renovating properties in the West Melbourne area and were looking to get started on another project,with plans to turn the terrace into an investment.
“In the initial period they’ll fix it up to get it rented,” he said.
“It needs a bit of work to get it up to the minimum standards – but then they’ll they’ll look to do some bigger plans over time,and depending if they like it better than their current home they may even move into it.”
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