A HILLTOP position and bay views brought three bidders to a Saturday afternoon auction in Sandringham, offering a picture-perfect result for its vendors.
The old-style apartment at 8/22A Fernhill Rd sold for $631,000 under the hammer, $41,000 past its reserve on October 13.
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The apartment sold for $631,000 at auction.
Hodges Sandringham agent Amanda Jones said five parties planned on raising their hand at auction, but two were immediately blown out of the water.
“We had a really strong opening bid of $570,000 and the bidding took off pretty quickly after that,” she said.
“There were two buyers who didn’t even get the opportunity to bid in their price range.”
The property had bay views from the kitchen, living areas and balcony.
The home sold $41,000 above reserve.
The two-bedroom unit had a price guide of $540,000-$575,000.
After more than 15 bids — some in only $1000 increments — a determined family purchased the apartment.
It is understood the buyers will use it as an investment property until their university-aged sons want to move in.
Views to the bay were a highlight at this hilltop unit.
A family purchased the two-bedroom unit.
Ms Jones said there was still a lot of demand for two and three-bedroom properties with low-end price points.
“While the top end of the market has slowed down a bit, people still like these older-style units,” she said.
“At this property, the windows had been replaced, plus the interiors were painted and carpeted.”
Despite this promising result, a number of pricier Bayside properties passed in at auction.
A two-bedroom villa at 3/10 Manor St, Brighton passed in after one vendor bid of $1.75 million at auction.
The freestanding address, which is walking distance to Brighton Beach, had a reserve of $1.83 million.
Advantage Property Consulting director Frank Valentic said there were many auctions on Saturday with no bidders, like at this Brighton address.
“We’ve seen the market shift a bit and now there are a few more opportunities for buyers,” he said.
CoreLogic data shows Melbourne had a preliminary clearance rate of 52.1 per cent at auction last week.
SUBURB PROFILE: Sandringham
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