Auction Wrap – 17th March 2018

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The REIV Clearance rate was 69%, matching last weeks results but with a much higher amount of scheduled auctions; this week saw 1286 auctions held whereas the week before only saw 363.

The auction of the day was held in the impeccably manicured front courtyard of 13 Gladstone Parade in Elsternwick, where a crowd of over 200 came to witness the remarkable renovated Victorian property be sold.

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Justin Long, along with numerous other Marshall White agents from the Brighton, Armadale and Albert Park offices, had gathered to auction the beautiful property that has been on the market for the past four weeks with a price quote in the early $4m’s. Before the bidding had even opened, Justin placed a vendor bid at $4m and called for rises of $50k. Within minutes, 5 bidders had brought the price to $4,450,000, and Justin (along with Kaine Lanyon and Sam Hobbs) re-entered the home to chat with their vendor. After a longer than usual break, the agents returned to announce that the property was now on the market.

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Fresh bidding came from a sixth person around the $4,465,000 mark, and the auction was now between two very keen parties. After some mixed bids ranging from $3k-$20k, the bid had jumped more than $500k over the announced reserve to reach $4,965,000. The underbidder was prodded to increase his bid, but at this point had graciously bowed out and congratulated ‘the winner’. The property was sold under the hammer.

 

In Toorak, the land parcel comprising of 836 SQM at 1 Smyth Street passed in on a vendor bid of $4.8m. The property now has an asking price of $4,995,000. 

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At 7 Keats Street in Sandringham, a large parcel of land was up for auction. Stephen Tickell from Hockingstuart was joined by agents from the Sandringham office, where after highlighting all the pro’s of the street, he commenced the auction by asking for a bid of $3,000,000. When no bidders emerged from the crowd of mainly neighbours, the property was passed in. 7 Keats Street sold later for an undisclosed price in the early to mid $3m’s.

Other notable Sales in Melbourne

  • 34 Foam Street Elwood – Conteporary, Nicholas Wright designed residence sold for $3,040,000.
  • 96 Page Street Albert Park – Renovated Hawthorn brick two storey terrace house sold circa $2.6m+
  • 94 Orlando Street Hampton – 4 bedroom family home sold at auction for $2,595,000
  • 25 Denham Place Toorak – 1950’s double brick sold at auction for $5,500,000
  • 13 Wilks Street Malvern – renovated 1930’s residence for $6,300,000
  • 41 Leura Grove Hawthorn East – Architectural home sold at auction for $3,575,000

Passed In/Sold prior

  • 46 Stuart Street Armadale – Double fronted Victorian sold prior to auction for an undisclosed amount.
  • 56A Dendy Street Brighton – renovated, mid century home passed in for $3m. 0 bidders.
  • 4 Rae Street Hawthorn – Passed in at $3.5m. Now on the market quoting $3.5m-$3.7m.

Other notable sales in Sydney

98 Frances Street Bondi – Renovated 3 bed home sold at auction for $2,370,000

2/16 East Esplanade Manly – Architecturally designed apartment sold for $3,200.000

2/55A Prince Street Mosman – 4 bed apartment with city views sold for $4,110,000

 

 

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