3 months ago
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A Richmond terrace sold for $1.36 million at auction on Saturday, after a quick contest between three young couples.
The two-bedroom house at 90 Lord Street had been updated and was next door to a kindergarten that was built by the vendors, BigginScott auctioneer and selling agent Edward Hobbs said. He listed the home for sale with a quoted price range of $1.15 million to $1.25 million.
“It had a nice feel and there were a lot of compliments on the owners’ presentation,” Hobbs said.
The auction began on a vendor bid at the bottom of the range. Hobbs said two couples went head-to-head until the price reached the reserve of $1.25 million. At that point, the successful bidders joined the fray and pushed the price to $110,000 above the reserve.
“I reckon by about 10.09am we were done with the auction,” Hobbs said. “At 10.19am we were all signed up and putting up the sold sticker. It was done in 20 minutes.”
Hobbs said the market had been stimulated by Reserve Bank rate cuts. “It was a good, old-school competitive auction,” he said. “With three interest rate cuts and the talk of a fourth, it feels like there’s some good, buoyant energy.”
The terrace was updated by its owners, who also built a kindergarten next door.Credit: BigginScott
“It feels a bit patchy, but we’ve had some good results today. It was a bit lumpy there for some time.”
The auction was one of 979 scheduled across Melbourne on Saturday.
In Carlton North, a corner terrace sold after an auction that attracted just one bid.
The two-bedroom house at 662 Lygon Street was a rental but had an updated bathroom. Jellis Craig selling agent Charles Atkins listed the home for sale with a quoted price range of $1.1 million to $1.2 million. The reserve was at the top of the range.
“It was really well presented and positioned well on the corner of Lee and Lygon [streets], so it had a lot of north light coming through,” Atkins said. “It had a more desirable floor plan, with a central bathroom.”
The only bidders were a couple who had sold up in Melbourne’s north-east and wanted to be closer to their children, who live in the inner north. They placed a bid of $1.13 million after the auction opened on a vendor bid of $1.12 million.
The couple later paid $1.19 million in negotiations after the auction.
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