Experienced renovators saw value at 27 Empress Avenue, Kingsville.
Strong online auction results were recorded for the second weekend in a row following the reinstated ban on public sales.
A renovator’s delight in Kingsville received bidding from a whopping 11 groups before selling for $690,000.
The reserve for the property at 27 Empress Avenue was believed to be $575,000.
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The Kingsville property’s laundry and bathroom were a ramshackle affair.
There were 11 bidders competing for the two-bedroom house.
The sale comes as Melbourne recorded a preliminary clearance rate of 68.4 per cent from 177 reported results, according to realestate.com.au data.
Jas Stephens Yarraville agent John Galea said the amount of competition, largely from experienced renovators and tradies, was “extraordinary”.
“I’ve never seen it in my 16 year career, to have 11 individual bidding parties — it’s just phenomenal,” Mr Galea said.
“In our corridor we’re lacking stock where there’s either a great opportunity such as renovations and adding value, or good quality homes.”
The Kingsville property last sold in 1973.
First-home buyers were turned off by the amount of work the property required.
A Hills hoist stands proud in the backyard.
The dilapidated house sold for the first time since 1973 to a young couple — a schoolteacher and a carpenter — who were purchasing their first home together.
“They are looking to renovate the property and make it a home,” Mr Galea said.
“There was a mixture of experienced makeover couples competing — people that have done this time and time again.”
Mr Galea added there was “initially an abundance of first-home buyers” expressing interest in the rundown home, before inspections revealed the amount of work it required to be made liveable.
Fast bidding drove a Wheelers Hill property to sell for a $100,000 premium under the hammer.
The four-bedroom house at 54 Darnley Grove sold for $1.206m to a young family.
A four-bedroom house at 54 Darnley Grove, Wheelers Hill sold for $1.206m.
A young family secured the contemporary home.
“Everyone just wanted it,” Harcourts Judd White director Dexter Prack said.
“If it’s a sought-after property that’s realistically priced, I don’t think it matters whether it’s on-site or online, you’re going to get activity,” he said.
But the virtual format wasn’t without its problems, as an online auction at 10 Stradbroke Road, Boronia crashed while the auctioneer was conferring with the vendor on price expectations.
No. 10 Stradbroke Road, Boronia is still on the market.
The property passed in for $1.51m.
EYS Auctions director Fabian Sanelli said the network issue did not halt the momentum as the halftime break had already been called.
“Because there was a pause the momentum was already stopped,” Mr Sanelli said.
The spacious five-bedroom house passed in at a price of $1.51m shortly after the pause.
“People logged back in and we pretty much wrapped it up in a couple of minutes,” Mr Sanelli said.
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