Properties with plenty of potential have raced past reserve at long weekend auctions, notching some of the city’s most impressive results.
A California bungalow in Elwood was the city’s most expensive sale under the hammer last week, changing hands for $2.555 million.
The large family abode at 6 Vautier St had three bidders vie for the keys before it eventually sold $205,000 above reserve, Chisholm & Gamon director Torsten Kasper said.
“We had very active parties over the 21 bids and it was good to see a spirited auction,” Mr Kasper said.
“It sold to a young family who had been looking to move into Elwood for a while now.”
The property’s need for an update had actually worked to the vendor’s advantage, he added.
“It’s a very comfortable family home, but there’s still the opportunity for a buyer to renovate and put their own stamp on it,” Mr Kasper said.
“This house has great orientation, a clever floorplan and rear access, which is unusual in Elwood. If you’ve got features like these, a house doesn’t need all the bells and whistles to do well.”
A Highett unit that also had plenty of reno potential sold under the hammer to two savvy sisters.
The two-bedroom pad at 6/3 Alfred St sold for $755,000 as five parties pushed the price $25,000 above reserve.
OBrien Hampton East agent Ami Russell said siblings purchased the property together and would move out of their mother’s house.
“There were tears on both sides after the auction, from the mum of the buyers and from the vendors who have had the property for a very long time,” Ms Russell said.
“It was at a price point that’s always attractive, plus it was single level, recarpeted and repainted.”
Investors, downsizers and young buyers had all been attracted to the unit during its campaign, she added.
There were 215 auctions held across Melbourne on the Labour Day long weekend and CoreLogic recorded a preliminary clearance rate of 53.5 per cent from 170 reported results.
Ms Russell said competitive auctions from the weekend proved quiet Saturdays could still pull in top-dollar sales.
“Vendors tend to shy away from public holiday auctions, but if somebody is really keen they’ll make the time to attend, or get somebody there to represent them,” she said.