Brunswick home sells for $1,585,000 in hotly contested auction

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Key points

  • A Frankston home with beach views was snapped up for $1.27 million.
  • In Northcote, a three-bedroom home needing some TLC sold for $1,206,000.

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A local family snapped up a cute-as-a-button four-bedroom house in Brunswick for $1,585,000, outbidding four other local families in a hotly contested auction on Saturday.

Bidding on the Victorian home at 1 Mayfield Avenue, opened at $1.35 million, and a flurry of $25,000 bid increases followed, quickly taking the price to $1.5 million.

Offers then dropped to $10,000 and $5000 increments, with the buyer making a final $5000 bid to seal the deal. The home sold above the $1.35 million to $1.45 million guide.

The buyer plans to renovate the home completely to make it his own, Nelson Alexander Brunswick’s Robert Enes said.

The Brunswick home was one of 1082 Melbourne properties scheduled for auction on Saturday.

While five bidders competed, there were three or four others in the crowd of around 120 people who didn’t have a chance to get involved due to the fierce competition.

“The house is next to Temple Reserve [Park] so it was very popular with local buyers,” Enes said. “It just shows good real estate is still selling very well.”

The vendors who were “extremely happy” with the outcome, originally bought the home in 1988 for $99,000, records show, and had used the property as an investment.

It was a good sale given the property market had been patchy lately, as interest rate rises dampened the pre-Christmas property buying spirit, Enes said.

On the other side of the city, in Frankston, a Kew couple wanting a holiday home outbid six other buyers, mostly upgrading families, for the keys to a five-bedroom house.

Bidding on the four-level property with views of Frankston beach, started at $900,000, and the house at 8 Kooluna Court was called on the market at $1.1 million. It went on to sell for $1.27 million.

Ray White Frankston’s Ashley Weston said the house was in a popular estate, where nearby homes had recently been selling for more than $1 million. However, he noted the market had been very patchy.

“We’re finding anything sub-$1 million is still very hot at the moment. Anything from $1 million to $1.5 million the buyer numbers are declining, and anything above that is harder to sell.”

Weston attributed this to the decline in buyer borrowing power as interest rates climbed.

In Northcote, a three-bedroom house, owned by the same family for about 40 years, sold for $1,206,000, just above the $1.1 million to $1.2 million guide.

The property at 22 Woolhouse Street sold to a lone buyer, wanting to upgrade in the local area.

The buyer was one of two bidders on the house, Nelson Alexander Northcote’s Tom Alexiadis said, and they plan to fix up the home.

While some agents believed the market was patchy, Alexiadis was seeing strong demand for the limited number of homes for sale.

“Everything is selling at the moment,” Alexiadis said. “Where buyers are normally waiting for the run of stock, they are now buying — it’s a real change of attitude.”

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