A Victorian home in Moonee Ponds with an elegant renovation passed in at auction on Saturday and later sold for $2,817,500 after the vendors cut their price hopes.
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vendors → pass → hopes
The five-bedroom house at 58 Vine Street has arched windows and hallway arches, a marble kitchen, a reading nook and an entertaining deck with a barbecue.
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house → have → barbecue
The property was one of 710 scheduled to go to auction in Melbourne last week.
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property → schedule → Melbourne
By Saturday evening, Domain recorded a preliminary auction clearance rate of 58 per cent from 508 reported results throughout the week, while 78 auctions were withdrawn.
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auctions → record → week
Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
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auctions → withdraw → rate
It was the final weekend before new auction rules, starting on October 16, will make it compulsory to publish the vendor’s reserve price a week before auction.
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it → start → auction
The Moonee Ponds house was listed with a price guide of $2.7 million to $2.9 million.
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house → list → million
Proceedings began with a vendor bid of $2.6 million, followed by a genuine bid of $2.62 million.
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Proceedings → begin → million
Two bidders pushed the price in mostly $20,000 increments until it reached $2.78 million.
But after a rise of $10,000, the price stalled at $2.79 million and the home passed in.
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home → push → million
The reserve was $2.85 million but the vendors, who are moving to Queensland, were willing to meet the market.
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who → move → market
McDonald Upton selling agent Georgie Maggs said the home was renovated in the past 12 months, as the vendors had intended to stay.
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vendors → say → months
“The opportunity to get a turnkey home under $3 million in Moonee Ponds is becoming pretty rare these days,” she said.
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she → get → Ponds
“This home would have sold for more in a better market.
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home → sell → market
The buyer bought well but the vendor had an opportunity there, so it was a commercial decision for them.”
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it → buy → them
Maggs said the market was in a transition phase before the new auction rules.
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market → say → rules
She said interest rate rises and the rising cost of living were putting a ceiling on buyer budgets, and she noted the state election due next month.
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she → say → election
“I would describe the market as patchy.
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I → describe → market
I think these turnkey family properties are still performing quite well,” she said.
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she → think → ?
In Yarraville, a converted shopfront home drew three bidders and surpassed its reserve to sell for $1,265,000 at auction.
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home → convert → auction
The three-bedroom home at 55 Ballarat Street has an open-plan living and dining area that leads to a timber deck and lush courtyard.
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that → have → deck
Bidding began at the bottom of the price range and rose at pace to the top of the range, which was also the reserve price, but then it slowed.
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it → begin → range
An owner-occupier moving from regional Victoria who has family in the inner west landed the keys.
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who → move → keys
The underbidder was a family looking to downsize and move to the area, while the third bidder was a first home buyer.
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bidder → look → area
The vendors are downsizing.
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vendors → downsize → ?
Jas Stephens Real Estate selling agent Elise Nemer said the shopfront-style home was “very unique, they don’t come up that often”.
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they → sell → ?
Properties are still selling.
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Properties → sell → ?
We are still having buyers coming through,” she said.
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she → have → ?
In neighbouring Kingsville, a renovated three-bedroom cottage passed in at auction and sold after for $1.34 million.
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cottage → neighbour → million
The three-bedroom house at 124 Chirnside Street had a price guide of $1,275,000 to $1,375,000.
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house → have → 1,375,000
A downsizer made a bid of $1.3 million.
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downsizer → make → million
It was countered with a vendor bid of $1.32 million.
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It → counter → million
But the reserve was $1.34 million and with no more bids forthcoming, the home passed in.
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home → pass → ?
It sold in post-auction negotiations at the reserve price.
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It → sell → price
The vendors had previously lived in the property but had leased it out in recent years.
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vendors → live → years
Village Real Estate selling agent Raymond Abilameh had expected a one-buyer auction, although a mix of downsizers, young professionals and families were interested during the sales campaign.
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mix → sell → campaign
He said homes like this were transacting well, albeit without as many bidders as in the past.
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homes → say → past
“Renovated properties in good locations, they still seem to be transacting well,” he said.
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he → renovate → locations
“The unrenovated stock, that seems to be the stuff that is struggling more.”
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that → seem → ?
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