Northcote’s home sells for $ 1.95 million at online auction, $ 350,000 above reserve
A stunning downtown home, known as The Laneway House and architecturally designed by the vendor, sold under the Virtual Hammer on Saturday morning for $ 350,000 over its stash.
The unique and modern house with “a beach house vibe” in 12a Stott Street, Northcote, proved popular throughout the sales campaign, with over 110 parties passing through the bright and colorful house.
In the evening, Domain Group recorded a preliminary clearance rate of 67.2% out of 680 published results and 1,061 scheduled auctions, while 186 auctions were withdrawn. Canceled auctions are counted as unsold properties when calculating the liquidation rate.
Nelson Alexander Northcote’s listing agent Peter Stephens said dozens of people who walked through the Northcote home have fallen in love with its “thoughtful” and “warm” design.
“We sent out 30 contracts and had 14 registered bidders,” Mr. Stephens said.
12A Stott Street, Northcote VIC 3070
Despite the announcement Thursday night that Melbourne would enter its fifth foreclosure in 18 months – from 11:59 p.m. Thursday to 11:59 p.m. Tuesday – Mr Stephens said all interested buyers were happy to proceed with the online auction.
“Most people are now used to Zoom auctions and, in fact, some buyers tell me they feel more comfortable and confident bidding in Zoom format,” he added.
The auction for the daring three-bedroom, two-bath home started at $ 1.6 million, which was at the high end of the $ 1.5 to $ 1.6 million price range and also to the reserve of the seller.
Two buying agents clashed at the start of the auction, before being joined by three other bidders, all owner-occupiers.
Once the auction reached $ 1.9 million, there were only two parties left in the race.
It took an offer of $ 1.95 million to secure the home of a young local family, who had been searching the area for some time.
Mr Stephens said the vendors, who are moving to Kangaroo Ground in north-east Melbourne “for more land” and a new renovation project, were “over the moon” with the result.
“We knew there was a lot of interest… but nobody expected a result like this,” he said.
Mr Stephens said the Nelson Alexander group had planned “around 68” virtual auctions in Melbourne on Saturday, many of which are continuing despite the ban on on-site auctions.
Ray White Victoria and Tasmania Managing Director Stephen Dullens said of the 130-plus auctions his agency had scheduled for the weekend, just over 100 were underway.
He said several were purchased by Thursday night before the 11:59 p.m. lockdown.
“Because the announcement was made so late on Thursday, there wasn’t a lot of time to get things done,” he said. “So we offered a few, but most of the time we saw a really big conversion at online auctions. “
Mr Dullens said auctioneers, buyers and sellers are all well used to online auctions, given the environment the industry has operated in for the past 18 months.
“Anytime another lockdown is announced it’s just a case of ‘here we go again’ and it’s really business as usual,” he said.
Early Saturday afternoon Mr Dullens said the group’s liquidation rate was 92.6%.
“It has been very strong so far and the buyers are still going strong,” he said.
Such an example was at 23 Allnutt Parade in Cheltenham, where six of the seven registered bidders took part in the large family house’s online auction on Saturday morning.
23 Allnutt Parade, Cheltenham VIC 3192
The renovated five-bedroom, three-bathroom home, set on a generous 730 square meters and with a price guide of $ 1.24 million to $ 1.32 million, sold for $ 1.564 million, well above the seller’s expectations.
Ray White Cheltenham’s sales agent Angela Limanis said it was an easy decision to move the auction online rather than postpone it.
“We could have pushed back the auction for a week, but we had a good momentum and the buyers all came today, ”she said.
“We’ve been here before. It’s lockdown number five and the fear is nowhere near as bad as it used to be, as we’ve now done virtual inspections and hundreds of online auctions.”
However, several agents decided to postpone auctions across the city on Saturday, hoping the Melbourne instant lockdown would not last too long.
“We have pushed back the majority of our auctions for this weekend,” said Kay & Burton manager Alex Schiavo.
“If we’re locked out for a week, we’ll extend the campaign for a week, or if it ends up going for two weeks, then we’ll extend it for two weeks.
“In cases where we had a strong interest in a house, we tried to put them in trouble before quarantining ourselves. But we didn’t get much notice this time, so it was difficult to mobilize anything in this short period of time.
In Ashburton, the decision to replace the sale of a three-bedroom renovator with a virtual auction paid off for sellers at 10 Alamein Avenue, when four bidders pushed the final sale price of $ 200,000 to the above the high end of the price range.
10 Alamein Avenue, Ashburton VIC 3147
The large, unrenovated 625 square meter home including an inground pool has caught the interest of homebuyers looking to both renovate, demolish and rebuild their dream home.
The auction for the house, which had a price guide of $ 1.35 million to $ 1.42 million, began with an opening bid of $ 1.3 million.
When the auction reached $ 1.41 million, it was declared on the market.
However, two bidders continued to push the price much higher and he sold with a final bid of $ 1.6 million.
4 Belfast Road, Brunswick VIC 3056
And in Brunswick, an unrestored three-bedroom detached cottage at 4 Belfast Road, has also attracted competitive online auctions.
While the auction was slow to get off the ground, opening with a seller’s bid of $ 1 million, the home, which was recently rented out but was popular with homeowners looking to renovate, collapsed. sold under the virtual hammer for $ 1.34 million.