A renovated three-bedroom home near a street once ranked Melbourne’s coolest fetched $1,451,000 at auction on Saturday, $151,000 over its reserve.
The single-fronted home at 34 Rossmoyne Street in Thornbury in Melbourne’s inner north was listed with a price guide of $1,275,000 to $1,325,000.
Selling agent, Nigel Harry from Jellis Craig, Northcote, said it was one of the “most competitive auctions” he has had in a while.
“The property’s location, close to High Street and the neighbourhood itself, which has been voted Thornbury’s best street, has a great community vibe, and that definitely attracted a lot of interest,” he said.
High Street was ranked the coolest street in the world by Time Out magazine in 2024.
The bidding opened at $1.25 million and hit the $1.3 million reserve on the third bid.
While Harry noted the property had shortcomings, including no parking or a backyard, the interior had been nicely renovated by the sellers during COVID.
“The home’s vibe attracted a lot of young couples,” he said. “It just has a lovely feel.”
Four active bidders participated in the auction; the buyers were a young couple from Sydney, represented by a buyer’s advocate.
“The sellers ironically moved to Sydney, so it was a bit of a switch,” said Harry.
The property was one of 1634 scheduled auctions in Melbourne last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 66 per cent from 1228 reported results throughout the week, while 145 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Elsewhere, a trio of brothers already living on the same street paid $910,000 for a brick-veneer 1960s St Albans home in original condition at auction, which was $140,000 above its reserve.
The three-bedroom home at 56 Helen Street was listed with a price guide of $680,000 to $748,000 and had a reserve of $770,000.
There is no legal requirement for a vendor’s reserve to be within their property’s price guide.
Selling agent and auctioneer, Yogi Flis from Ray White West Realty, said he was “gobsmacked” with the result.
“Another house on the same street but in better condition sold for $840,000 last week, and I thought that was crazy,” he said.
“After this weekend, I don’t think you’ll be able to get a home for less than one million in St Albans anymore.”
Flis believes the lack of supply in the market and interest from Sydney investors are driving prices up.
Five registered bidders took part in the auction, with the three brothers who currently live with their dad on the same street outbidding a couple who have been looking for a home for two months. A buyer’s agent from Sydney was also in the mix.
“The brothers plan to move in, renovate and live happily ever after,” Flis said.
The seller, an elderly woman now in aged care, had lived in the home for about 40 years.
“The title says it was subdivided and built in the 1960s, and the interiors of the home still reflect this,” said Flis.
The kitchen, which features lime green splashbacks and bench tops, is “especially very retro,” he said.
The auction attracted about 40 onlookers, with one neighbour approaching Flis afterwards to compliment him on his trademark auction style: singing.
“He said he goes to a lot of auctions with his young son, and his son often gets scared at the seriousness of the auctioneers, but he loved my singing and that I made people laugh. That was nice to hear,” he said.
Meanwhile, in Airport West, a double-story, standalone townhouse sold under the hammer for $937,000.
The three-bedder at 1/71 McIntosh Street had a price guide of $780,000 to $850,000 and a reserve of $865,000.
Selling agent Tony Catena from Barry Plant Keilor East said there were six interested parties, but only three bidders put their hands up.
“There was a mix of different people bidding, with the buyers upgrading from an apartment, the under bidder was a downsizer, and the third bidder was a first home buyer.”
Bidding opened at $800,000, rising in $10,000 and $20,000 increments.
“The property, the front of three townhouses has its own courtyard, which was attractive to a lot of buyers,” said Catena.
Catena said the Airport West market has been a bit “hit-and-miss.”
“Anything under $950,000 does exceptionally well, but over, not so much.”
PRD chief economist Dr Diaswati Mardiasmo said the auction clearance of a 66 per cent rate is “a new normal for Melbourne.”
“Before the pandemic and the rate hikes, the rate was in the seventies, but now, this is a pretty consistent rate.”
The Labour Day long weekend in Victoria next weekend may have influenced the results as well, she said.
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