Location proved the decisive factor in the sale of a tired Box Hill North house for $220,000 above the reserve price.
Only a couple of bids were required at 3 Evan St before the two-bedroom brick house was declared on the market, with developers, investors and family home buyers all eager to secure the keys.
“After we put it on the market, that’s when the bids started flying,” Buxton Box Hill director Calvin Chan said.
“People were mainly buying for the land and the location — the house was not very liveable.”
The home’s condition didn’t stop eight groups from bidding at auction, as a family with young kids submitted the winning bid of $1.44 million on the Box Hill High School-zoned house.
Mr Chan said inspection numbers and auction participation rates in and around Box Hill were improving as the area was “being billed as the second CBD”.
“They’re also building the big development of Chinatown — so we’re getting a lot of buyers from Asia that are interested in building or developing.
“There seems to be renewed confidence in the market.”
Buxton also had success at 32 Kintore Cres, Box Hill, which sold for $2.28 million just three days after it was put on the market.
The sale comes after Manningham and Whitehorse recorded an auction clearance rate of 84 per cent from 32 auctions, much higher than last week’s rate of 61 per cent.
DOUBLE DELIGHT IN DONVALE
An incredible Donvale auction saw the number of bidders hit double figures as a townhouse sold for $102,000 above the reserve price.
Ten bidders put their hands up for 2/15 Lynne St, which eventually sold for $752,000.
“There was quite a few people at the lower end, obviously as you get higher it thins out,” Philip Webb Ringwood agent Joseph Corsi said.
The property appealed to a wide range of buyers thanks to a single-level floorplan and low price point, Mr Corsi said.
“Plus there was no owner’s corporation at the property so that was appealing — it ticked all the boxes,” he said.
“There were people doing knockout bids to try and intimidate and put people out of the mix, then there were people delaying with small, incremental bids.”
The hammer fell the way of a man working overseas, whose parents bid for him while he listened intently over the phone.
“It goes to show that well-presented, well-located properties are always in demand and going the extra mile to present the property well pays off,” Mr Corsi said.
“I think that with spring coming up and with results like this, people will start to see that now’s a good time to sell and there will be a bit more choice out there for buyers.”
Donvale also played host to a second ripper auction, with a four-bedroom house topping its reserve by $166,000.
No. 7 Daniel St was picked up for $1.366 million after interest from five bidders during the auction.
An upsizing young local family won the keys after interest from other young professionals.
“It was in a really good pocket of Donvale — in the East Doncaster school zone, single-level, a rectangular block with a north-facing backyard,” Barry Plant Doncaster East director Theo Politis said.
“Someone could just turn the key and move straight into it.”
Bidding increments of between $10,000 and $5,000 kept the auction ticking over until two bidders competed hard as the action came to a head.
“We’re getting between four to six bidders at auctions now — it comes down to a shortage of properties for sale,” Mr Politis said.
“A lot of bidders were ready to buy from a while ago but sat tight because they weren’t sure what the market was doing — now they’ve seen prices rise.”
Mr Politis said the number of properties for sale had halved compared to a year ago, but rising prices would likely see more people “enticed and encouraged to get into the market”.
“We should see a lot more properties for sale by October,” he said.
A Doncaster townhouse sold ahead of its auction for $950,000, within its quoted price range.
Fletchers Manningham agent Pan Zhang said the sale of 1/33 Highview Drive to an investor was an indication of renewed vigour in the market.
“Activity is definitely much lower than before, but it’s better than about three months ago, when we saw pretty much zero investor and developer activity,” he said.
Mr Zhang said buyers preferred to place an offer prior to the auction if they expected to face competition under the hammer.
“Buyers maybe are seeing the market starting to climb up — and they just want to secure something at a price they know and just get it done,” he said.
“If it’s best for the owner we will sell prior (to an auction). We still carry to auction when we feel there’s competition, but it really depends on the situation.”
A Doncaster East lifestyle property with a pool and tennis court sold for an undisclosed sum on August 5.
Jellis Craig agent Frank Perri could not comment on the sale of 63 Deep Creek Drive, which had a price guide of $2.2-$2.4 million, except to say the vendors were downsizing after 19 years at the house.