Agents say desirable properties in sought-after suburbs are still selling well, despite the market downturn.
In Brighton East, a first-time homebuyer couple have made big offers to buy an almost original mid-century house at 123 Union Street for $2.05 million.
The sale of the three-bedroom home, which has had the same owner for 45 years, started with an offer of $1.3 million and was called on the market at $1.55 million.
The buyers beat six other bidders for the property, in a sale between executors. They are now planning to renovate it and bring it back to its former glory.
Marshall White Bayside manager and auctioneer Stephen Smith said while the auction was the main street attraction, local children also took advantage of the large crowds by selling cookies in the garage ahead of the auction.
Another long-standing family home in Chadstone sold under the hammer, for $1.301 million, after competition from three bidders.
The three-bedroom house at 27 Nioka Street had been owned by the same family since 1964 and had been sold as part of a deceased estate.
Buxton Ashburton sales agent Tai Menahem said although it needed work buyers were interested as it was on one of the best streets in Chadstone as it backed onto the reserve from Batesford with a view of the city.
“A young man was the buyer, he had just sold a townhouse in Ashburton and was looking for another project,” Menahem said.
In the exclusive suburb of South Yarra, first-time home buyers also bought a rare two-bedroom house that had been an investment property.
With a price guide of $1.3 million to $1.43 million, the home at 2 Powell Street sold under the hammer for $1.501 million after competition from three bidders.
Marshall White Stonnington James McCormack would not comment on the sale price, but said it was a rare offering given its price and location.
He said buyers were still in the market to make offers, although conditions had changed from last year.
“Buyers are definitely a bit more selective and timely,” McCormack said. “I think they realize there’s still a good opportunity for people to come into the market and lock in their interest rates.”
Not too far in Kooyong, a three-bedroom home at 67 Talbot Crescent has been bought by a young professional buyer for $2.035 million, above the $1.981 million reserve, after falling in love with its art deco exterior .
Monique Depierre, senior sales consultant at Kay & Burton, said the auction opened with a bid of $1.8 million, in front of a crowd of about 30 people.
“The auctions were slow to get started with tentative bids of $1,000, but once they were called into the market at $1.981 million, they surged,” Depierre said. “The triumphant buyer was drawn to the home’s Art Deco brick facade and direct access to Kooyong Park.”
In Northcote, one of the weekend’s biggest results was a five-bedroom house at 11 Thames Street that sold under the hammer for $4.302 million, $502,000 above reserve.
Jellis Craig Northcote manager and auctioneer Sam Rigopoulos said bidding started at $3.6 million, with a flurry of $100,000 bids taking the amount to $4.1 million before advances slow down.
Four potential buyers competed but, in the end, it was a couple of expatriates returning from the United Kingdom who won.
“While there’s been a lot of talk about raising interest rates, that doesn’t take away from the fact that there’s been a lot of people looking to buy for a very long time,” Rigopoulos said. “Money is still cheap, and they still have to find a home.”
Rigopoulos said less supply and more demand, particularly at the higher end of the market, continued to see properties sell under competition.
“I have to admit I’m a bit surprised and happy to see that resilience is still there in the market,” he said.
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