Ann and Geoff King successfully sold their Glen Iris family heirloom at auction on the weekend. Picture: Andrew Henshaw
FOR the first time in almost a century a Glen Iris home has successfully sold under the hammer.
The property at 29 Dorrington Ave, known as Koonwarra, defied the softened market and notched a sale $150,000 above reserve.
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The property has been in the same family since it was built in 1921.
The property’s 1932 auction flyer.
The four-bedroom house was built in 1921 and after an unsuccessful auction campaign in 1932 when price expectations weren’t met, it was kept within the King family and passed down generations.
Saturday’s sale was the first time contracts for the property were exchanged in 97 years.
Vendors Ann and Geoff King, who lived at the home for 50 and 82 years respectively, said they were excited and apprehensive in the lead up to the auction.
“ (The house) was everything we ever wanted,” Mr King said.
“It’s well located, spacious and has a very big garage for me to build boats and all sorts of things.
“It’s a nice average locality, not like Toorak or anything.”
The couple are downsizing to a property nearby.
This time round when the property went under the hammer it soared $150,000 above expectations.
The auction was slow to start with Jellis Craig auctioneer Iain Carmichael beginning proceedings with a $3.6 million bid. The first genuine bid was placed at $3.62 million by the eventual buyer.
After a short break another buyer joined the action and the $3.7 million reserve was reached.
The hammer fell at $3.85 million to a young family from Richmond who plan to renovate the property and make it their long-term home.
They outbid a family from the Glen Iris area with similar hopes.
The four-bedroom home sold for $3.85 million.
Mr Carmichael said Dorrington Ave homes were hotly contested thanks to the street’s single dwelling covenant.
“It means there haven’t been units built, which is an attraction because there’s no development around,” he said.
“These homes are really few and far between so they haven’t been hit with the general softening of the market.”
Mr Carmichael said it was very rare to see a home held by one family for so many decades. “Generally 30 or 40 years is long,” he said.
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