Buyers are being very picky in this market but many are prepared to go into battle for smartly presented properties in superior locations.
Yesterday, Nelson Alexander brought home the bacon for the vendor of a former butcher shop and residence at 48-50 Hotham Street, Collingwood. Buyer advocate Paul Osborne, of Secret Agent, said the revamped, four-bedroom Victorian was quoted at $860,000-$950,000 but three parties pushed the sale price to $1,147,000.
Three bidders also zeroed in on 12 Grafton Street, Elsternwick. Biggin & Scott’s Trudy Biggin said the renovated, five-bedroom Victorian was quoted at $1.5 million-plus and sold at auction for $1.6 million.
Kim Easterbrook, of Elite Buyer Advocates, said single-fronted cottages were proving “bullet-proof”. She said Marshall White drew a crowd of 80 people including three bidders to the sale of a free-standing weatherboard in Armadale. Quoted in the mid-$700,000s, the two-bedroom 1 Turner Street was on the market at $880,000 and sold for $890,000.
A near-identical cottage at 4 Seddon Street, Seddon, made $52,000 above its reserve. The only bidding came from rival buyer advocates Keyhole Property Investments and Morrell & Koren, with Keyhole’s Melissa Opie buying the house for a client for $702,000. Craig Stephens, of agency Jas H. Stephens, said the advocates’ bidding duel was critical as the property had been expected to sell for close to its $650,000 reserve.
McLaren hit pay dirt with a 1930s, two-unit duplex on an 869-square-metre block at 7 and 7A Munro Street, Kew East. Agent John Cokalis said the auction drew bids from three investors. On the market at $1.2 million, it made $1,225,000.
Unorthodox renovations held back prices at some auctions. An extended brick cottage at 344 Napier Street, Fitzroy, boasted a large entertainment area but only two bedrooms. It was passed in at $950,000 and sold after for $970,000 — a result Jellis Craig’s Craig Shearn said was “about right”.
This story Administrator ready to work first appeared on Nanjing Night Net.