110 Grandview Rd, Wheelers Hill has been getting plenty of attention ahead of its Melbourne Cup-weekend auction.
THE race that stops a nation will rein in Melbourne’s auction market this week, with just 234 homes set to go under the hammer.
The lull — caused by agents and vendors avoiding auctioning during the unofficial Melbourne Cup ‘long weekend’ — follows the city’s second busiest week of 2018, in which more than 1700 properties were offered.
Among the pads bucking the market trend this weekend is Wheelers Hill’s own White House.
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The Grandview Rd house was completed in 1994, but has recently been refreshed by the family selling it.
New LED lights can be found throughout the home.
The local landmark at 110 Grandview Rd will be auctioned at 11am on November 3 with $1.69-$1.859 million price expectations.
It’s the first time the five-bedroom house has been offered for sale — vendors Joseph, 63, and Sabiha Temelli, 60, bought the 832sq m block of land in the late ‘80s and completed the house in 1994.
The couple raised three kids — Michael, Priscilla and Matthew — at the palatial property. But now two of them have married and moved out, it’s too big for them.
“It’s been pretty emotional,” Michael, 33, said of the decision to sell.
The grand home has a $1.69-$1.859 million price guide.
The quality kitchen.
He said the home’s striking facade, defined by a concrete wraparound balcony and flanked by landscaped gardens, had made it well-known among locals.
He and his siblings have refreshed the house ahead of the auction, repainting it inside and out, laying new carpet and installing striking LED lighting.
Harcourts Judd White selling agent Andrew Dimashki said there had been “a bit of a pilgrimage” to the residence throughout its four-week auction campaign, by residents from the area keen for a stickybeak.
But most of the prospective buyers were based in China, seeking to move to Melbourne, or of Chinese-background, he said.
“It sits high at the top of the street, has Italian-style finishes, and gets a lot of natural light,” Mr Dimashki said.
One of the home’s five bedrooms.
The spa bathroom.
CoreLogic national head of real estate Geoff White said despite the soft conditions across the broader Melbourne market, the small contingent of sellers who’d chosen to auction on Cup weekend could benefit by standing out from the crowd.
“They’ll have the market to themselves,” he said.
Of the 1709 auctions held last week, 48.6 per cent resulted in sales, marking an improvement from the week before’s 45.7 per cent from 1087 auctions.
The wraparound balcony is a highlight of the home.
The house at dusk.
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Mr White said this was the lowest auction sale rate recorded in Melbourne since the week ending in the Queen’s Birthday holiday in June 2012.
Excluding long weekends, it was the weakest since October 2011.
Mr White said this year would also be the quietest pre-Cup auction week since 2014, with 318 homes offered in the same week last year and more than 600 in the two years prior to that.
“Generally, agents and vendors are reconsidering whether to auction at all at the moment,” he said.
“They’re considering private sale.”