A bleak clearance rate in Melbourne’s east didn’t stop some top properties from selling under the hammer last week.
Family homes in prestige pockets of Monash were shining lights, as the preliminary clearance rate for the southeast dipped to 35.5 per cent last week.
A contemporary, four-bedroom home at 1 Hillard Court, Wheelers Hill, sold for $1.136 million under the hammer when three bidders vied for the keys.
National Property Buyers director Antony Bucello said it sold $21,000 above reserve as families battled it out in increments of $5000, $1000 and even $500.
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The property sold for $1.136 million.
It went $21,000 above reserve.
He added not many auctions produced the sort of back-and-forth bidding seen at the Wheelers Hill house.
“It’s another example of a good quality family home that’s well located having competition, which always helps to drive the price north of the reserve,” Mr Bucello said.
Harcourts Judd White director Dexter Prack said 61 groups inspected the property during its popular campaign.
The contemporary home was in an esteemed pocket of Wheelers Hill.
The home’s outdoor entertainment area.
“It’s a sensational result, given other larger properties in the area sold for less money over the weekend,” Mr Prack said.
“It’s immaculate inside and out, with good living areas and a great outdoor entertaining area.”
A Glen Waverley unit at 2/2 Chivers Ave also caused a bidding war, with five parties raising their hand at auction.
The property sold $52,000 above reserve.
The dated three-bedroom home eventually sold $52,000 above reserve for $672,000.
Another tired house at 16 Harvie St, Glen Waverley, recorded a stellar sale of $1.6 million.
Mr Prack said good sales under the hammer were still possible if both the buyer and seller were willing to compromise.
“Both the buyer and the underbidder (of 1 Hillard Court) had put in early offers below what they bid at auction,” he said.
“If they had just put in their best offer prior to auction they would have secured it before Saturday.”
Another house at 16 Harvie St, Glen Waverley, sold for $1.6 million.
Inside the dated property.
Melbourne had an overall preliminary clearance rate of just 43.5 per cent across 1411 auctions, according to CoreLogic.
CoreLogic Australia head of real estate Geoff White said Melbourne’s outer-east and southeast had the weakest subregion preliminary clearance rates, both at 35 per cent.
“When the market was buoyant, these areas were performing exceptionally well, and they are now impacting the overall clearance rate,” Mr White said.
“The best performing subregion is Melbourne’s inner suburbs, which is at 52.8 per cent.”
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