3 weeks ago
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A fully renovated, three-bedroom home in St Kilda East sold for $2,275,000 under the hammer following a frenetic bidding war between four professional couples.
The home at 12 Murchison Street, featuring a double-fronted Edwardian facade and a well-manicured, roomy backyard was guided at $1.7 million to $1.8 million, with a reserve price of $1.92 million, said Jellis Craig Port Phillip lead agent Katie Ryan.
The property was one of 921 auctions scheduled in Melbourne this week. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The bidders (all professional couples, and one with a child) traded nearly 60 bids to win the keys to the home on a rainy Saturday morning following an opening bid of $1.7 million.
“This house went really well because people could walk in and not have to do anything,” Ryan said. “The fact that it was really well-styled and presented meant that people could imagine themselves living there without having to get any tradies in.”
Ryan said the market has been improving, with interest rate drops – “or even the talk of them” – pushing things along.
The St Kilda East home proved popular due to its turnkey appeal, said Jellis Craig agent Katie Ryan. Credit: Domain
In Mount Waverley in Melbourne’s east, a local developer paid $1,735,000 at auction for an original four-bedroom 1960s house.
With a price range of $1.6 million to $1.7 million, the home at 44 Park Lane, situated on 704 square metres, will soon be “turned into two nice townhouses,” said Ray White Mount Waverley lead agent Jacob Biviano.
“It was a very emotional sale for the sellers, who were selling the home on behalf of their mum, who is moving into aged-care,” Biviano said. The reserve price was $1,725,000.
The developer competed against another local developer – the underbidder – as well as an owner-occupier.
Biviano said Mount Waverley has become increasingly popular as buyers realise it was not “as saturated as Glen Waverley”.
“In the past month, we’ve seen a lot of growth in the local Mount Waverley area, averaging four to five bidders at auctions,” he said. “A lot more buyers are entering the market now.”
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