Not even a federal election with the property market in its sights was enough to deter bidders in Melbourne’s north yesterday.
Four bidders emerged for 32 South St, Hadfield, pushing the three-bedroom house almost $25,000 past its reserve to a $750,000 sale.
Eview Group Claudio + Marwan auctioneer Claudio Cuomo invoked the election, saying he wouldn’t guide buyers on “left or right” but encouraged them to “make your vote clear” while bidding.
In response, the buyers made it clear they weren’t willing to make big offers.
A $675,000 opening bid was followed by a $20,000 rise before a laborious auction that quickly slowed to $1000 increments despite three bidders competing.
The home was called on the market at $726,000, which spurred a fourth bidder to join the action.
A mix of $1000 and $2000 offers followed, raising the price to a $750,000 result.
The house had been in the same family for the past 27 years, and vendor Olivia Canning said while selling had been an emotional decision it was time to move on — and it was the memories they would take with them that mattered most.
“The house has been in the family for a long time, so it is an emotional day,” Ms Canning said.
“But it needed to be done. It’s a weight off our shoulders.”
The 588sq m property features a bright living room that opens to a front porch and a spacious open-plan kitchen and living area that expands via sliding doors to a rear deck.
Sales agent William Spyrou said all of the bidders had been homebuyers, and it wasn’t uncommon to see multiple bidders in the suburb.
“It’s standard at the moment,” Mr Spyrou said.
While the area’s property market appeared to have turned the corner from a lacklustre finish to 2018, the election result would play a part in what happens in the coming months, he said.
“It all depends on what happens with the election,” Mr Spyrou said.
“It may go down if Labor gets in and changes negative gearing. (But) this year has been a lot more active than the end of last year.”
Another auction by the firm for a three-bedroom townhouse at 74 Tarana St, Glenroy, ended with a $706,000 sale earlier in the day.
It too attracted multiple bidders.