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A couple looking for a part-time residence in Melbourne’s CBD snapped up a two-bedroom, two-bathroom Carlton apartment at auction on Saturday, paying $80,000 over the reserve.
Guided at $600,000 to $650,000, the 106/94 Canning Street unit offers easy access to Lygon Street, Rathdowne Village and Brunswick Street, and sold for $740,000 following a short bidding war between five parties.
Jellis Craig Fitzroy selling agent David Ashby said the campaign had been very popular, with 80 groups interested in the inner-north property.
“In the end it was a pretty quick auction,” he said. “The opening bid was $675,000 and continued in increments of $10,000 before going to $5000 and $1000.”
An apartment in Carlton sold for $740,000 at auction on Saturday to a couple after a part-time city residence.Credit: Domain
The underbidders included a first home buyer accompanied by her parents, and another couple who lived in the country and were looking for a city residence. The reserve was $660,000. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
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Ashby said the apartments market, especially in Melbourne’s inner-city, has shifted significantly in the first home buyer space.
“It’s a good time to sell, but it’s a double-edged sword for buyers with the first home buyer benefits coming in. It has upped competition for them,” Ashby said.
This is the first weekend of auctions since the federal government’s expanded Home Guarantee Scheme has been in place. Now, first home buyers on any income can use the guarantee and buy with a deposit of 5 per cent. The property price has been increased to $950,000 in Melbourne and the number of places are uncapped.
The property was one of 963 scheduled to go to auction in Melbourne on Saturday.
In Yarraville, a home held by the same family for 51 years sold under the hammer for $1,421,000.
The three-bedroom California bungalow at 31 Mackay Street, close to Yarraville Gardens, cafes and schools, was listed with a guide of $1.05 million to $1.15 million and had a reserve of $1.05 million.
Buxton Inner West’s Matthew John said 150 groups inspected the home during the campaign.
“It bucked the turnkey trend for several reasons,” he said. “It’s on a corner block on what would be two of Yarraville’s most popular streets – it’s very rare to see a property come up for sale on Mackay Street.”
The Yarraville home, last purchased in 1974, is still in its original condition and in prime location. Credit: Domain
John said buyers saw the property’s potential.
“You may have to get your hands dirty, but it will absolutely pay off – after renovation, that home will be one of the best homes in the market,” he said.
The buyer, a woman from South Caulfield, intends to rent it out before eventually moving in, while the underbidder was a local family hoping to upsize.
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