Source : the age
A clinker-brick house in a quiet pocket of Brunswick East sold at auction for $1.02 million on Saturday, with three bidders nudging it $30,000 above the property’s price guide.
The three-bedroom, two-bathroom home at 57 Ryan Street was nestled next to a former electricity substation, and a recently secured parcel of ex-council land added to the home’s appeal.
It had a price guide of $900,000 to $990,000, and the reserve was set at $945,000.
Barry Plant Brunswick agent and auctioneer Ben Calcagno said the bidding opened at $875,000 and jumped to $900,000, then settled into a rhythm of increments of $10,000 and $5000, until the hammer came down at just over seven figures.
Calcagno said the winning bidders were first home buyers and a young family, who narrowly beat out an older downsizer and another young couple keen to move into the area.
The property was being sold as part of a deceased estate, and Calcagno thought its location – close to Brunswick East Primary School and boosted by the additional land – made it a unique property in a tough market.
“It definitely feels more like a buyers’ market,” he said. “But in saying that, I think if you’ve got a really good product, priced fairly, you can still do really well as a seller.”
The property was one of 891 scheduled to go to auction in Melbourne this week.
In Craigieburn, an expansive four-bedroom home on a large block sold for $897,500, with two bidders narrowly taking the price above the $895,000 reserve.
The single-level, multiple living area house at 98 Golf View Drive features an al fresco dining area facing a reserve near Aitken Creek and a walking track at the rear of the property, and had a price guide of $840,000 to $860,000.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Ray White Craigieburn agent and auctioneer Phong Ho said the bidding opened at $840,000, and mostly increased in $10,000 increments over 10 to 15 minutes, before narrowing to $2500 bids. It sold to a couple from South Morang.
Ho said the buyers pushed just above their $895,000 budget after losing a previous home they’d had their hearts set on.
“They did fall in love with this one, so they were willing to spend a little bit more to make the rest of their weekend easier,” he said.
