An ornate Brunswick home being sold as a deceased estate changed hands $210,000 above reserve in an emotional parting gift for the family.
The three-bedroom property at 44 Minnie St sold under the hammer for $1.31 million on election day, after wild swings in bidding action.
Raine and Horne Brunswick agent Pieter Speziale said the deceased owner’s children were happy with the big result for the neat and tidy home.
“To say they were ecstatic (with the result) is an understatement, but it was very emotional,” he said.
“They are a very close knit Italian family who had the house over many years.”
“The photos don’t do it justice, but if you have a look at the floorplan, the rooms are very large and 3m ceilings helped it even further.
“It also has a wide side drive so you can put multiple cars on site.”
Mr Speziale said six bidders included families and a private developer who “wanted to do something side-by-side”.
“We started in $20,000 increments before declaring on the market (at $1.1 million).
“The auction went up in $30,000 increments, then $40,000 increments, before dropping down to $10,000 for the last few bids.
“The bidders tried to knock each other out, and the underbidder pretty aggressively came back in after saying they were finished.”
“It got down to three (bidders), then the final two … before the home sold to a Kensington family for $210,000 above reserve.”
The 394sq m period home features a brick facade and front fence with a balustrade deck.
To the right of the long hallway are three bedrooms. The formal living and dining rooms are on the other side.
The open-plan kitchen and dining area, plus a family bathroom, are at the rear, while a large vegetable garden is outside.
“The buyers successfully sold their ornate period home, and they were very keen to secure this one,” Mr Speziale said.
“With three living areas, it had a really smart floorplan.”
He said two other vendors did not allow him to auction their homes on election day, but the date worked in the vendors’ favour on Minnie St.
“Not a lot of properties were up against this one … (so) I would definitely do it again.
“And prices have corrected, make no mistake, but the market in Brunswick is still strong.
“Buyers these days are extremely smart, do their due diligence and find out what’s happening before they are willing to bid.
“If there is something else that’s more appealing and quoted for less, they will shift to the cheaper one.
“Suffice to say it was a very strong result in a fickle market.”
The property sold well above Brunswick’s $1,062,500 median house price for the 12 months to February, according to CoreLogic.