Real Estate

Kew mansion could grab city’s biggest auction sale in months

Written by The ReReport

A majestic Kew mansion with a tower and an $8.9-$9.7 million asking price could become Melbourne’s biggest deal under the hammer in months.

The five-bedroom house at 896 Glenferrie Rd is in one of the suburb’s heritage protected mansion precincts and goes under the hammer at 1pm on Saturday.

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A sale anywhere in the advertised range would smash the top disclosed auction result in spring, a $6.1 million sale at 4 Moule Ave, Brighton.

Spring and the first month of summer is traditionally regarded as Melbourne’s main auction market.

Known as Comaques, the 1891-built property was originally home to architect Alfred White.

Fletchers Balwyn North’s Jack Peng said there were at least two potential buyers interested in calling the Victorian-architectural gem home.

“We expect lots of people there, but at that price a sale or not depends on people’s motivation,” Mr Peng said.

“We have two very strongly interested parties.”

It last changed hands for $4.97 million in 2010.

Leadlight windows, ornate fireplaces, polished boards and decorative ceilings have all been retained.

Modern inclusions range from the stone benchtops in the kitchen and a glass-roofed conservatory to the pool and spa at the rear.

The high price might also put it into the realm of buyers who are less affected by tighter lending conditions that have made finance more challenging for buyers between $1 million and $4 million.

Melbourne’s inner eastern suburbs have also rebounded from clearance rates in the 40 per cent range in recent weeks to 54.2 per cent last week, according to CoreLogic.

The firm’s Australian head of real estate Geoff White added Melbourne’s overall 42.7 per cent clearance rate was the strongest in Australia, and a lift beyond the previous week’s 41.4 per cent clearance rate.

“That shows you that it’s not just Melbourne,” Mr White said.

“There’s a lot of focus on Melbourne and Sydney, but there’s an air of slowness in the market across the nation.”

Fewer homes going to auction between now and the end of the year than originally anticipated might also herald a further rise in the clearance rate, though it was still unlikely to get back above 50 per cent this year, he added.

The 1200 auctions expected this week is far below the more than 1830 held the same week last year, and below the 1378 held last week.

To Melbourne’s north, rarity will be a factor for an Attwood house.

When 7 Peterborough Court goes under the hammer at 11am it will be just the fifth time a home in the suburb’s sought after Cambridge Gardens Estate has hit the market this year.

Ray White Gladstone Park’s Phillip Mercieca said three prospective buyers had shown strong interest, and about 45 groups had been through the home ahead of the auction.

“That is good considering the market at the moment,” Mr Mercieca said.

In addition to the location, a pool and well-appointed home were luring buyers.

“Cambridge Gardens Estate is a very tightly held pocket,” Mr Mercieca said.

“And it’s one of the top homes in the estate.”

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