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A Victorian terrace in North Melbourne sold under the hammer for $1,802,000 at auction on Saturday, drawing over 100 spectators.
The three-bedroom, one-bathroom home at 5 Canning Street had a price guide of $1.42 million to $1.49 million, with the reserve set at $1,550,000.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide. The property was one of 1576 scheduled to go to auction in Melbourne this week.
Six bidders participated, including young professionals, young families, and those planning to start a family. Bidding kicked off with a crowd bid of $1,550,000, and the property sold after 27 bids, with the auction over in about 12 minutes.
The winning bidder was “a young professional man”, according to Trevor Gange from Jellis Craig Fitzroy.
Six bidders competed for 5 Canning Street at auction on Saturday.Credit: LUIS ENRIQUE ASCUI
Gange said the location was a major drawcard.
“Position in real estate doesn’t get much better than across the road from Pleasance Gardens and a good central location in North Melbourne … that lovely, wide street is terrific.”
“It’s [perfect for] professionals who want to work on St Kilda Road … and people who might have children who want to go to Wesley, Melbourne Grammar … it’s a beautiful home … The big backyard is really tranquil and inviting.”
The agent for 5 Canning Street said the home’s backyard was “tranquil and inviting”.Credit: Luis Enrique Ascui
Meanwhile, a single-fronted Victorian house in Richmond sold under the hammer for $1,360,000.
The two-bedroom home at 7 Sheedy Street had a price guide of $1.2 million to $1.25 million, with the reserve set at $1.25 million. Four bidders participated, all young couples, some were first home buyers, with others moving from smaller properties.
Bidding kicked off at $1.2 million with a vendor bid, and the property sold after about 15 minutes. The winning bidder was on his own while the direct underbidder was a young couple.
Edward Hobbs from BigginScott Richmond said Victorian-style homes within the $1-to-1.5 million range are popular.
“The single fronts are doing particularly well, they’re having a little moment in the sunshine. There’s a real cutesy factor to 7 Sheedy, it’s got that picture-perfect sort of white picket fence … it’s freestanding, which really can pull on the hearts of some of these younger buyers.”
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He added the property’s location was a key drawcard, attracting AFL players and young professionals.
“Richmond’s nice and central … end of the cafe strip, off Bridge Road, trams, Epworth hospital, MCG and sporting precinct … generally, you’re dealing with young professionals and sporty types in the area.”
A renovated unit in Frankston sold for $830,000, well above its reserve, after a competitive auction.
The two-bedroom home at 1/39 Williams Street had a price guide of $630,000 to $675,000, with the reserve set at $670,000. Seven bidders participated, including first home buyers, downsizers, and investors.
Juan Merchan from Merchan Realty Group said the vendors were “over the moon. They couldn’t believe it.”
The auction lasted about 10 minutes, with the winning bidder opening at $670,000 and ultimately securing the property by increasing increments from $1000 to $10,000.
“He pushed hard because he had purchased the house across the road, which was a two-bedroom, one-bath, similar property … He bought that one for his son, and this one for his daughter,” Merchan said.
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The property’s appeal came from its central location next to the Frankston lawn bowls club.
The underbidder was a downsizer.
“The downsizer market was really strong, they basically scared the first home buyers off,” Merchan said.
A ground-floor apartment in Windsor sold for $725,000 following negotiations after being passed in at auction.
The two-bedroom home at 1/13 Peel Street was listed with a price guide of $695,000 to $760,000 and a reserve of $720,000.
The auction opened with a vendor bid of $700,000.
After a single bid, a local family negotiated and ultimately bought the property post-auction. The sellers had owned the investment property for about 20 years.
Harley Toyle from Buxton Stonnington said the home drew interest from young families, first home buyers and professionals.
“The market feels very steady at the moment, there’s usually one strong buyer and a couple of others who don’t have their ducks in a row,” he said.
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