Two buyers have ended a year of missing out with success at multi-bidder auctions.
The investor and upgrader both bought in Box Hill North after looking since last year in a market with reduced stock levels.
The local investor outbid four developers for a dilapidated house at 5 Saxton St in an auction that went for 35 minutes and had 135 bids.
They paid $1.383 million — $163,000 above the reserve for the “unliveable” property, Buxton Box Hill director Jim Chen said.
“The house had been vacant for a long time, was run down and not accessible for inspections until it was cleaned up,” he said.
“The buyer has been looking since 2018 and had attended but missed out at several auctions.”
The purchase is a long-term investment for the new owners who are expected to spend $150,000 to update the property before renting it out.
The property was sought after by developers and there was even international interest, Mr Chen said.
“The vendors got a very good price because some larger homes in better condition in the area have sold for $100,000 less this year,” he added.
The three-bedroom house on 768sq m is central, within walking distance to Box Hill Hospital. It has a wide frontage and offers development options as a new home or multi-unit site.
At 2 Ovens St, three homebuyers pushed the well-presented home to a $1.74 million result, which was $40,000 more than the reserve.
The buyers, who are also local, had been looking to upgrade to a larger home for more than a year.
“There has just been a lack of supply in the market for the number of buyers looking,” Mr Chen said.
“Compared with 2016-2017, there are definitely fewer homes on the market now and buyers are nervous about prices rising further next year.”
The Ovens St home with art deco style is on 883sq m and has five bedrooms and landscaped gardens.
It blends period charm with modern features and includes ceiling panels, timber floorboards, picture rails and leadlight. It previously sold in 1998 for $295,000, sale records show.