Renovated Thornbury home passes in on vendor bid of $2 million

Save articles for later

Add articles to your saved list and come back to them any time.

Key points

  • There were 620 Melbourne homes scheduled for auction on Saturday.
  • A two-bedroom house in Niddrie sold for $1,271,000.

Property listings

A four-bedroom home in Thornbury passed in on a single vendor bid of $2 million at auction on Saturday, despite multiple interested buyers in the crowd.

Two offers were made for 144 Mansfield Street post-auction, but they were not enough to secure a sale, falling short of the $2,275,000 reserve price.

Nelson Alexander Northcote auctioneer Robert Enes was met with silence when he called for an opening bid for the renovated home, which was advertised with a guide of $2 million to $2.2 million.

Enes then placed a $2 million vendor bid, and asked for a $25,000 rise, but no one in the crowd of 25 raised their hand.

After pausing the auction to consult the vendors, the property was passed in.

“I can’t believe it,” Enes told the crowd.

After the property passed in, however, buyers were keen to chat to agents and make an offer.

Bidders didn’t raise their hands during the Thornbury auction, but made offers once the property was passed in.Credit: Eddie Jim

Nelson Alexander Northcote partner Luke Sacco said buyers were holding back to see if any offers would be made.

“I think everyone was waiting to see what the others did,” Sacco said.

He said he expected the home to sell by the end of the day.

The Thornbury auction was one of 620 scheduled across Melbourne on Saturday.

Agents were hopeful of some strong results after Melbourne recorded an auction clearance rate of 66.4 per cent last month, up from the 63.8 per cent in February, Domain’s latest Auction Report Card shows.

Melbourne had the steepest monthly increase in clearance rates compared to other capitals.

In Reservoir, a two-bedroom apartment also passed in, but sold straight after in post-auction negotiations for $495,000.

Ray White Bundoora auctioneer Rayni Jerram said bidding for 107a Pallant Avenue opened low with a $350,000 bid – well below the $450,000 to $495,000 asking price range.

A series of offers from five buyers took the price to $450,000, at which point the property was passed in to the highest bidder – a first home buyer who later became the new owner.

“It was very tentative bidding,” Jerram said after the auction. “There’s definitely a lot of people feeling it with higher interest rates, and they’re trying it on to see if they can get a bargain.”

“It’s more of a ‘proceed with caution’ approach for a lot of home buyers because they’re thinking about what an extra $10,000 on the sale price, will cost in interest rate repayments,” she said.

In Niddrie, a mostly original, two-bedroom family home at 62 Muriel Street sold under the hammer for $1,271,000, above the $1.05 million to $1.15 million advertised price range.

The 650-square-metre block was purchased by an investor looking to build a duplex.

Barry Plant Essendon director and auctioneer Bill Karp said bidding opened at $1 million and four bidders competed, making $20,000, $10,000 and $5000 increases.

The house, which had an original kitchen and lounge area, was called on the market at $1.2 million, then bidding quickly climbed to $1.27 million. The buyer secured the keys with a $1000 increase and the auction was over in minutes.

The house had an original kitchen and lounge area.Credit: Barry Plant Essendon

Karp saying the market had turned since late last year.

“We’re seeing multiple bidders at the moment, it’s definitely different,” Karp said. “A lack of stock is contributing to the good results, but in the last three to four weeks things have really changed.”

Most Viewed in Property

Source: Read Full Article