Dated properties were the flavour of the weekend, with plenty of renovator’s delights attracting some impressive sales at auction.
Despite a four-week run of clearance rates below 50 per cent, some stellar auction results are still emerging across Melbourne.
Homes in need of a renovation were the leading lights last week, when a preliminary clearance rate of just 48.3 per cent across 1141 auctions was recorded by CoreLogic.
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This figure was up slightly from the week before, which had a 45.7 per cent success rate across a mere 266 auctions as the market paused for the unofficial Melbourne Cup weekend.
If last week’s final result hangs below the 50 per cent mark it will be a month-long dip which has not been seen since 2011-2012.
27 Lynch St, Brighton’s A-grade location helped it notch a $1.825 million sale.
That’s $175,000 past reserve for the dated home.
A renovator’s delight in Brighton was an auction success last weekend, soaring $175,000 past reserve to a $1.825 million sale.
The dated two-storey home at 27 Lynch St was sold by an elderly vendor who had lived at the property for 40 years.
Industry Insider director Andrew Date said properties in A-grade locations, even if in need of a renovation, were still attracting the impressive prices Melbourne was once known for.
“The auction (for 27 Lynch St) started out really slow and the first bid was around $1.6 million,” Mr Date said.
“The home needed a lot of work, you would need to spend a significant amount of money to renovate it.
“Some buyers would have knocked it down in that location.”
Mr Date said despite the hard work ahead for the buyers, a local family, its location drew in the competition.
5 Clery Ave, Donvale was another success story from the weekend.
A colonial-style Donvale home at 5 Clery Ave had five bidders vie for the keys with bidding taken from a $900,000 starting point to a $1.57 million finish.
Elite Buyer Agents’ Sophie Griffith said the home was called on the market at $1.37 million.
“This was a big price for a house that needs a full renovation, not to mention that the pool and tennis court were in very poor condition,” Ms Griffith said.
“The market may have slowed but in sought-after locations the action is still heated and there are definitely genuine buyers active in the market.”
8 Derrick St, Kew is in need of an update inside.
But still managed to notch a price $205,000 higher than expected.
Another home in need of some work at 8 Derrick St, Kew notched a price $205,000 past reserve. Five parties placed bids in front of a 100-strong crowd and the hammer fell at $1.415 million.
Melbourne’s most impressive sale was notched in Glen Iris, with an old-fashioned four-bedroom house selling for the first time in its 97-year history.
Melbourne’s top result was the $3.85 million sale of 29 Dorrington Ave, Glen Iris.
A young family plan to renovate the property.
The property at 29 Dorrington Ave was built in 1921 and passed down through generations of the one family.
It had two young families compete for the keys which pushed the price $150,000 past reserve.
Its $3.85 million sale price was Melbourne’s top result for the weekend.
Auction numbers are expected to jump back up a little this week, with 1319 scheduled across Melbourne.
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