A rare contemporary townhouse in Fitzroy North sold for $2,325,000 after being passed in at auction, while a four-bedroom Hamptons-style family home in Bentleigh East fetched $2,420,000 – 15 per cent above the reserve – as Melbourne’s property market continues to demonstrate resilience.
The Fitzroy North property, located at 60B May Street, was listed with a price guide of $2.2 million to $2.4 million. Jellis Craig Fitzroy agent and auctioneer Michael Amarant said bidding opened at $2.2 million, reaching $2,275,000 before the property was passed in. The eventual buyers plan to leverage the home as an investment initially, before moving in at a later date. Amarant noted the rarity of modern builds in the suburb, which is largely characterised by Edwardian and Victorian architecture.
“The suburb’s typified by Edwardian and Victorian, and it’s all ornate and gorgeous, but it often presents compromises and challenges,” Amarant said.
In Bentleigh East, the sale at 35 Richard Street saw four bidders, all families, compete for the property. Buxton Bentleigh agent and auctioneer Simon Pintado said bidding commenced at $2.1 million, the property’s reserve price, and quickly escalated in $50,000 increments to $2.4 million. The bidding then slowed before a young family secured the home. The vendors are relocating closer to the bay.
Pintado did not believe potential interest rate rises were deterring buyers in the area. “I think the majority of people move based on lifestyle,” he said. “House too small, house too considerable, it’s just time to move.”
Meanwhile, an updated Californian bungalow in Flemington sold for $1,526,000 at auction, exceeding the $1.4 million reserve by more than $100,000. The three-bedroom redbrick home at 15 Wisewould Street, featuring polished floorboards and a large rear deck, was listed with a price guide of $1.3 million to $1.4 million. Nelson Alexander Flemington agent and auctioneer Jon McKenna reported bidding began at $1,350,000, with three bidders driving the price above the reserve in $10,000 increments. After the property reached the market, bidding continued in $10,000 increments to $1.5 million, before becoming more incremental, ultimately selling to a solo female buyer from the local area.
The buyer narrowly defeated a retired couple looking to relocate from Cairns, McKenna said.
Elsewhere, Eddie Atkins, a vendor, expressed surprise at the outcome of a recent sale. “It’s a crazy outcome,” Atkins said. “I’m a little bit overwhelmed.” He added that the buyer was already planning another renovation project. The sale of Atkins’ property featured period-appropriate music to greet prospective buyers in the downstairs living room of the 1970s townhouse. The buyer similarly indicated plans to “put their own spin on the house” after settlement.
