First-home buyer spends $1.26M on renovation,
A first-home buyer secured keys to a renovated Abbotsford home for $1,262,000 at auction on Saturday.
They beat three other bidders to win the property.
Four first-home buyers attended the auction at 235 Nicholson Street. The property was listed with a price guide of $1.1 million to $1.15 million.
One party opened the bidding at $1.11 million, and the auction quickly gained momentum. All four parties exchanged bids throughout the event.
Ultimately, a first-home buyer couple from Melbourne’s inner suburbs won. They made a $2000 bid, securing the home for $112,000 above the reserve price.
Auctioneer Russell Cambridge noted that the couple consistently placed $2000 bids. Julie Taylor, the listing agent, explained the home’s location and move-in readiness were key selling points.
First-time buyers often prefer homes that require no renovation work. The property was among 1144 homes scheduled for auction in Melbourne on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 61.7%. This was based on 979 auction results across the week.
Meanwhile, 131 auctions were withdrawn, affecting the clearance rate.
In a nearly hour-long auction, a young family secured a four-bedroom home in Forest Hill on Saturday. They paid $1,425,000, more than double its price from 2012.
The house at 22 Ansett Crescent was listed with a price guide of $1.18 million to $1.28 million.
Nine bidders were registered for the auction, adding to the competition for the property.
Records show the home last sold for $580,000 in 2012. The dramatic price increase highlights the growing demand for properties in the area.
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Ray White Forest Hill lead agent and auctioneer Shaun Perumal said five parties ultimately traded bids on the day. This pushed the price above the property’s reserve of $1.32 million.
He noted that there were nearly one hundred bids, with small increments of one-to-two-thousand dollars at times.
However, once the price hit $1.37 million, the auction heated up, resembling a boxing ring.
At that point, two parties fiercely competed, unwilling to let the property go. The 662-square-metre property had a popular campaign, which Perumal attributes, in part, to his agency’s strategy.
He explained that because the home was smaller, they focused on ensuring the styling was perfect.
Additionally, they only allowed a handful of people through at a time to avoid overcrowding.
For the successful bidders of 5 Parkin Avenue, Cheltenham, serendipity played a significant role in their victory. They secured the four-bedroom home for $1.71 million, despite fierce competition.
“I’d met the couple a few times at other property inspections,” said Ray White Cheltenham agent and auctioneer Angela Limanis.
“They were looking for something new, but hadn’t found anything suitable in the area until the night before the auction.”
They saw the listing and inspected the home the morning of the auction. The custom-designed, two-level home was built within the past five years by Boutique Homes with input from the vendors.
Limanis explained that most homes in the area were built between the 1970s and 1990s, making this home ideal. The couple was also drawn to the home’s Hamptons façade and its prime location on a well-known streetscape.
Additionally, the home was within walking distance of Southland Shopping Centre, adding to its appeal.
The auction kicked off with a vendor bid of $1.5 million but initially struggled to gain momentum.
Limanis mentioned it took some time to engage the crowd before another bid came through.
Once the auction picked up speed, intense bidding ensued for seven minutes with four bidders.
The bidding quickly surpassed the reserve price of $1.6 million, with the couple ultimately coming out on top. LJ Hooker head of research Mathew Tiller noted that the clearance rate of nearly 60% shows continued buyer demand.
The soft prices are attributed to higher-than-average listings, although signs of slowing listings have begun to emerge. Tiller stated that with the festive period settling in, fewer properties are being listed, but this will change in 2025.
Listings will likely rise again at the start of the year, while interest rates remain high. However, he anticipates that once the first interest rate cut occurs in May, the market will shift.
