Clifton Hill home goes for $3million as spring market kicks off

Marshall White Stonnington’s managing partner and auctioneer, James McCormack, said the three-bedroom house was a rare offer in South Yarra and had attracted interest from buyers who were not actively looking for a new property.

“There are markets within markets,” he said. “Grade A properties always attract buyers and good prices.”

McCormack said there were buyers willing to push themselves to get the right property at the right price, and some wanted to buy as soon as possible, before further rate hikes reduced their borrowing power.

The homes were two of 671 properties slated for auction in the city, 62.1 per cent more than the first week of spring last year when Melbourne was locked down by COVID-19, domain data showed.

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In highly sought-after Albert Park, another big result was recorded for a three-bedroom house in 22 Madden Street which sold for $3,275,000.

Three parties competed, but only after an opening bid of $2.8 million. Bids of $25,000, $10,000 and $5,000 followed.

The renovated Victorian terrace was put on the market at $3.09 million and sold after 70 auctions.

Marshall White Port Phillip manager and auctioneer Oliver Bruce said the sale was taking place before a crowd of around 200 people, eager to see an auction on the first weekend of spring.

North of the city, in Ivanhoe, a renovated three-bedroom house in 52 Marshall Street sold under the hammer for $1.39 million, above reserve of $1.3 million.

Gordon Hope, partner and auctioneer of Nelson Alexander Ivanhoe, said three bidders, all young professionals, fought for the keys.

A first offer of $1.25 million set the scene and advances of $10,000, $5,000 and $2,500 brought the property up to sale price.

“We thought it was a great opening for spring,” Hope said.

In Knoxfield’s premiere buyer’s belt, a four bedroom family home, at 87 Avenue Allistersold for $896,000, above the $720,000 reserve, after 14 bidders signed up and eight competed.

Ray White Ferntree Gully sales agent Matthew George said the sellers were delighted with the result and now plan to move closer to town.

The buyer, who moved from Hong Kong earlier this year, was also happy with the result, he said.

In Strathmore, a four bedroom property to 6 Cranwell Avenue passed after a single-vendor bid of $1.6 million, below the price range of $1.62 million to $1,675,000.

Brad Teal Woodards Essendon manager Bruce Warburton said that although there were offers after the auction, that was not enough to get a deal done. But he hoped the house would sell quickly.

A five bedroom house in Glen Waverley, on a double block at 14-16 Packham Crescent, passed on a one-time offer of $4.6 million, at the low end of the $4.6-4.9 million price range. The reserve was $4.8 million.

Belle Property Glen Waverley manager and auctioneer Nicholas Brennan said it was one of the most expensive homes in the area, making it a bit more difficult to find a buyer in today’s market.

However, with many people on the move for spring, he hoped to find a buyer within the next few days.