Family spends $2.7m to enter zone,
A local family outbid a builder to secure a four-bedroom cottage in Balwyn North, ensuring access to the high school catchment.
They paid $2,702,000, nearly $200,000 over the reserve price, in a competitive auction on Saturday.
The home, situated on a 724-square-metre block, had a price guide of $2.3 million to $2.5 million.
Its reserve was set at $2,525,000. Five bidders, including both builders and owner-occupiers, competed for the property during an hour-long indoor auction.
The auction was moved indoors to escape the rain, adding a unique twist to the event.
Brad Cooper, the selling agent from Ray White, initially started the auction at $2.1 million with a vendor bid.
The price quickly rose to $2.3 million before advancing in $10,000 and $20,000 increments.
Near the end, bids slowed to $1,000 increments, making the final moments of the auction tense and drawn out.
Ultimately, the family won the auction, ensuring their daughter’s spot at Balwyn High School, fending off a builder’s bid.
The builder planned to replace the cottage with a French provincial-style home, but the family prevailed.
The sellers, who had lived in the home for 21 years, were downsizing and ready to move on.
The auction was one of 1244 scheduled across Melbourne that Saturday, marking a busy weekend for the city’s real estate market.
By the evening, Domain Group reported a preliminary auction clearance rate of 61.4 percent from 1110 reported results.
However, 148 auctions were withdrawn, and these unsold properties were included in the clearance rate calculation.
In another part of Melbourne, a couple expedited their plans to upsize by several years on Saturday.
They paid a reserve-smashing $1,915,000 for a family home at a “thunderous” auction in Murrumbeena.
The auction attracted a large crowd, eager to witness one of the final auction spectacles of the year.
The couple competed against three other families, each vying for the home, making the auction highly competitive.
After just 20 minutes of bidding, the couple claimed the keys for a price that left the vendors stunned.
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The five-bedroom, three-bathroom home at 7B Erindale Street, Murrumbeena, had a price guide of $1.55 million to $1.7 million.
Its reserve was set at $1.7 million, creating high expectations for the auction on that Saturday.
The auction began at $1.6 million, with four bidders competing in quick $10,000 increments until it reached $1.75 million.
As the bidding continued, the increments narrowed to smaller $1,000 and $2,000 raises in the final stretch.
“It was absolutely thunderous,” said selling agent Ari Levin from Slater and Levin, describing the intense atmosphere.
The crowd was massive, and there was hardly any hesitation between bids, adding excitement to the auction.
As the year’s end approached, the buyers took advantage of entering the market at the perfect moment.
They hadn’t been searching for long but knew they needed to upsize soon, making this home ideal for them.
The house backed onto Murrumbeena Park, a unique feature that made it perfect for walking dogs and playing with children.
For the sellers, who had lived there since 2009, waiting until the tail end of the selling season paid off.
“When the hammer went down, there was a bit of shock and disbelief,” Levin remarked about the outcome.
Meanwhile, in Eaglemont, a four-bedroom family home on a lush 873-square-metre block at 31 The Righi sold for $3 million.
The home, located in one of the region’s most sought-after streets, had a price guide of $2.7 million to $2.8 million.
Its reserve was set at $2.8 million, setting the stage for a competitive auction.
A young family started the bidding at $2.7 million but quickly dropped out, unable to stretch beyond their limit.
From that point, the competition came down to a real estate agent bidding for himself and a buyer’s advocate.
Ultimately, the real estate agent won the auction, securing the property for his client.
Selling agent James Labiris of Nelson Alexander explained that bids climbed rapidly in $20,000 increments, surpassing the reserve.
After clearing the reserve, the increments slowed to $10,000 and then $1,000 rises, as the auction neared its end.
“It was a straightforward, professional bidding war,” said Labiris, noting the confident and decisive moves made by the bidders.
“There were no phone calls or slow back-and-forth bidding, just fast, direct decisions,” he added.
Labiris pointed out that the landholding itself, along with the blue-chip location, made the home a rare find.
The vendors had owned the property for 30 years, adding to its historical appeal.
Ray White chief economist Nerida Conisbee noted that the city’s clearance rate is higher than last year’s, signaling a more confident market.
“Bidder numbers have improved, and we’re seeing stronger activity compared to this time last year,” Conisbee said.
While it was a challenging start to spring, the market has found its footing, with buyers recognizing fair value.
She mentioned a tighter pool of listings and renewed interest from interstate investors, contributing to the market’s improvement.
However, following reports that rate cuts could arrive later than expected, she anticipates a sluggish start to 2025.
