3 months ago
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Two brothers paid $145,000 over reserve for a unique property featuring two separate titles in Melbourne’s outer north-east, intending to restore the art deco-inspired homes to their former glory.
The property at 10 Helene Street in Eltham, guided at $680,000 to $745,000, includes a three-bedroom house at the front and another two-bedroom residence at the rear, and attracted four “spirited bidders” at Saturday’s auction, said Ray White Eltham lead agent and auctioneer Sean Salmon.
“There were a lot of young couples. Eltham is a very difficult market to break into for a first home buyer, and ... people were needing a creative vision to go along with this one, but they were all quite keen and bidding avidly,” he said.
After an opening bid of $680,000, the property sold for $865,000. The reserve was $720,000.
Salmon said while the Eltham market was “starting to steady up a bit”, this property was not indicative of broader trends in the area.
An Eltham property with two separate titles sold at Saturday auction for $865,000. Credit: Domain
“This property being very unique obviously [and] coming with two residences under the one roofline did make it a bit of a gem, so not comparable to other homes in the market,” he said.
“It was a bit of old-school real estate, in that ... someone’s vision for the home was going to determine its value.”
In Melbourne’s inner north-east, a local couple outbid an investor for a three-bedroom, single storey Fairfield home.
Guided at $850,000 to $935,000, the unit at 1/210 Station Street passed in at auction at $950,000, but sold at that price straight after, said Barry Plant Northcote and Preston lead agent Lucas De Bartolo.
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“The buyers were locals from Heidelberg, and it was their second purchase,” he said. “They have another property to sell so they are indecisive whether they will live in it now or have it as an investment.”
The reserve was $950,000. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The property was the only three-bedroom single home available on the market in the area, making it attractive to upsizers, downsizers and investors alike, he added.
De Bartolo said they were seeing “a massive push from interstate buyers, mainly investors, and local investors are also coming back … Melbourne at the moment is great value for money.”
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