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A downsizing Baby Boomer couple beat out five others for the keys to a double-brick Victorian terrace on one of Northcote’s most distinctive one-way streets, paying $1,554,000 at auction on Saturday.
The home at 13 Dally Street had a price guide of $1.18 million to $1.28 million and a reserve of $1.28 million.
The two-bedroom property, which retains many of its heritage features, including ornate ceiling roses, polished hardwood floors and a fireplace, is walking distance from High Street and within the Northcote High School zone.
Selling agent Mark Verrocchi from Nelson Alexander Northcote said the side drive and land size were other drawcards of the property, which attracted six active bidders and took place in front of a crowd of approximately 140 people.
“It was a great vibe at the auction,” said Verrocchi.
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“Kids were playing in the front yard, and there was another auction across the street right after ours, so the crowd was pretty big; it’s a great community vibe in Northcote,” he said.
The bidders included a downsizing couple who bought the home, a first-home buyer represented by a buyer’s advocate, an investor, and young couples.
“At $1.35 million, the boomer couple came in and then at $1.5 million, another bidder put their hand up, with the couple securing the home for $1.554 [million],” said Verrocchi.
“The couple was ecstatic with the result and couldn’t stop hugging each other and then me,” he said.
“It was really lovely.”
The property was one of 1188 scheduled to go to auction in Melbourne last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 73.6 per cent from 803 reported results throughout the week, while 71 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Narre Warren North, a six-bedroom home with a swimming pool and tennis court passed in at auction.
The home at 31-32 Branca Court was marketed as a “sovereign-sized residence” and had a price guide of $2.95 million to $3.2 million.
“It didn’t go well. There wasn’t a big crowd, and no one bid,” said listing agent Steve Harrison from O’Brien Real Estate Narre Warren.
“We had three potential buyers, but only one turned up and didn’t make a bid, while another came late after the auction had finished,” he said.
“He may potentially put in an offer.”
The property, which features six bedrooms, three bathrooms and a three-car garage, is set on over an acre of land.
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“It’s a bit of a different property being on the corner with open vacant land next door and at a higher than median price point without the ability to subdivide, which has put some buyers off,” Harrison said.
The Narre Warren market has a “fair bit of stock,” he said, with properties in the $1.6 million to $2.2 million price range performing well.
“This property is a bit different as it is a much higher price point,” he said.
PRD Real Estate chief economist Dr Diaswati Mardiasmo said the Melbourne market has been holding steady over the past four to five weeks.
“Melbourne buyers have a bit more choice and they know that there is more stock on its way, so people aren’t feeling as much pressure to buy,” she said.
Mardiasmo doesn’t anticipate that this will change much in the near future.
“There are two more RBA meetings this year, so I think there may be a slight improvement, but nothing big.”
In Mount Waverley, a three-bedroom home in a tightly held street passed in at auction but later sold for $1.85 million under private negotiations.
The home at 29 The Highway had a price guide of $1.79 million to $1.89 million and didn’t have a predetermined reserve, said selling agent Jacob Biviano from Ray White Mount Waverley.
Two active bidders took part in the auction, which opened at $1.7 million.
“Bidding went up to $1.78 million in $10,000 increments, where it was ultimately passed in,” Biviano said, “and then we negotiated up to the price of $1.85 million, which was quite a good increase.”
The buyers are a local couple buying a first home close by for their adult children to live in.
“The home was actually sold to the sellers by my father in 1994, so that was a nice link”, said Biviano.
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