Young family pay $2,225,000 for inner-east Victorian house

Two young families went head-to-head at Saturday’s auction to secure a double-fronted Victorian home in Richmond, in the inner-east, with the buyer placing a winning bid of $2,225,000.

The three-bedroom house at 157 Brighton Street, listed with a guide of $1.88 million to $2 million, features a large master bedroom, a backyard gym and two living spaces.

The property was among 1245 scheduled to go to auction in Melbourne this week.

The auction opened with a genuine bid of $1.8 million from a young family, and was countered by a $1.82 million offer from a second bidder, a downsizer couple. From there, bids traded in $20,000 increments, easily reaching the reserve price of $1.98 million.

A third bidder, also a young family, entered at the $2,080,000 mark, leaving the downsizers behind.

The two families then bid in increments of $20,000, $10,000 and $5000, with the third-party placing the final bid of $2,255,000 – $275,000 over reserve.

Jellis Craig Richmond and Surrounds auctioneer and lead agent Elliot Gill said the house was popular among young families.

“The buyer is a family from the inner-north; they have a young baby and are looking to move into the area to get into the local school,” he said.

Gill said he had seen little change in investor behaviour since the budget.

“There are very few investors buying in the first place. We’re still seeing investors sell. That’s been the case for 2.5 years.”

Buyers, however, have become more hesitant, but “there’s still lots out there wanting to buy”, Gill added.

In the inner-north, an architecturally designed apartment in Fitzroy sold for $1,980,000 to a couple with a love of architecture.

Occupying half the top floor of the building, the two-bedroom property at 7/110 Gertrude Street, features a private roof terrace with panoramic views.

Listed with a price guide of $1.85 million to $2 million the auction began with a vendor bid of $1.85 million, and two parties bid in increments of $10,000, said Nelson Alexander Fitzroy lead agent Peter Stephens.

“The couple who bought it have a background in architecture, they love Fitzroy and have a lot of friends in the neighbourhood,” he said. The reserve was $1.95 million.

The vendor had bought it as a single man, but has since had children and was looking for something bigger, Stephens added.

In Melbourne’s north-west, a first-home buyer couple paid $102,500 over the reserve for a three-bedroom house, outbidding three other first home buyers at Saturday’s action.

The family home at 102 Halsey Road, Airport West, had a price guide of $700,000 to $770,000, and records show it last sold for $565,000 in 2019. On Saturday, it sold under the hammer for $872,500.

Led by auctioneer and former Essendon football player Jason Johnson, who the vendors specifically requested due to their support for the club, proceedings began with a $700,000 genuine bid, going up in $10,000 and odd-number increments, said Jellis Craig Moonee Valley lead agent Lara Harris.

“There were also some knockout bids, with people going up in $15,000 increments to knock the other buyer out,” she said. The reserve was $770,000.

The buyers were a young couple from Southbank “sick of apartment living”, Harris said, who had once lived in the area and wanted to come back. The underbidders were also a young, first home buyer couple.

Harris said the market was particularly strong below the $1 million mark.

“There’s a lot of first home buyers in the market, and anything priced sub-$1 million is moving really well,” she said.

Investors, however, have been in short supply.

“It’s more investors selling than investors buying now,” Harris said.

In Yarraville, in the inner-west, a “cheeky” bidder won the keys to a two-bedroom townhouse with a $931,000 offer, outbidding a first-home buyer couple.

The light-filled home at 13 Canterbury Street, featuring glossy timber floors and a north-facing courtyard, was listed with a price guide of $775,000 to $850,000. It had a reserve of $850,000.

Village Real Estate auctioneer and lead agent Joseph Luppino said the opening bid was a “little bit cheeky, a little bit low” at $700,000, and was followed by a vendor bid of $800,000.

“Then that same buyer came back in at $810,000, and it went back and forth between them and a new buyer who entered at $820,000 for a while, before it sold back to the guy that opened up the bid at $700,000,” he said.

The buyer was a young man who had been looking to buy a property for five years, Luppino said.