This four-bedroom house at 717 North Rd, Carnegie, defied the cooling market and notched a sale price above expectations.
A popular Carnegie property bucked the trend of a cooling market and was hotly competed for at auction on the weekend.
A first-home buyer successfully outbid two other parties for the four-bedroom home at 717 North Rd.
The property exceeded price expectations and sold under the hammer for $1,092,500. It had a pre-auction price guide of $970,000-$1.02 million.
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A first-home buyer secured the keys for $1,092,500.
The updated home with a classic cream brick facade was Australia’s sixth most view property that went under the hammer on the weekend onrealestate.com.au.
Buxton Bentleigh director Ivan Blow said the price point had bolstered the property’s popularity.
“The median sale price in Carnegie for a four-bedroom house is getting close to $1.6 million, so this was value for money,” Mr Blow said.
“People were happy to suck up being on North Rd at that price point.”
Mr Blow said the young buyer was moving out of their mum and dad’s home into the property.
Three bidders vied for the keys.
The four-bedroom home had a $970,000-$1.02 million pre-auction price guide.
CoreLogic recorded a preliminary clearance rate of just 35.5 per cent for Melbourne’s southeast, from 151 auctions.
It’s a dramatic difference from greater Melbourne’s preliminary clearance rate of 43.5 per cent from 1411 auctions.
Mr Blow said there were plenty of buyers out there if the price was right, hence why this property defied the market’s odds.
“This was sensibly reserved, the owners knew the market is not what it has been the last three or four years and were accepting of that,” he said.
“As a result the buyers saw it as representing value.”
It was one of nine Carnegie properties that faced the auction block on Saturday.
According to realestate.com.au auction results it was one of nine Carnegie properties that went under the hammer on Saturday.
A mixed bag of results was produced for the suburb with three properties notching a sale at auction. The remaining six passed in, two on a vendor bid.
The other two auction successes were a one-bedroom unit at 6/80 Woornack Rd that sold for $280,000 and a two-bedder at 5/8 Rosstown Rd that scored $446,000.
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