Local auction 

Parkville Terrace sells for $3.535 million as auction competition grows

The Parkville auction was one of the biggest results of the weekend, with 821 auctions scheduled for Melbourne. In the evening, Domain Group recorded a preliminary win rate of 60% out of 640 reported results, while 68 bids were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In the northwest of the city, a four-bedroom house in 143 Rankins Road, Kensington sold under the hammer for $2,463,000, well above the $2.1 million reserve.

Four bidders competed for the house, which had been architecturally renovated in 2003 and still looked new inside.

Nelson Alexander Flemington’s partner and auctioneer, Ryan Currie, said the sellers, who had owned the property since 1999, were selling to make a dramatic change.

The buyers were a young local family, who often walked past the house admiring it, Currie said.

“There seemed to be a lot more confidence today, especially for these types of properties due to their scarcity,” he said. “Remodeled homes are very popular and people will spend more to avoid having to pay 40% more for a builder and materials to repair a home.”

In South Yarra, a townhouse in an art deco building that was once part of the family’s Wertheim piano-making estate sold under the hammer to a buyer who had not physically seen the interior of the property.

The Sydney-based buyer, was one of five bidders, snapping up the three-bedroom property at 3/28 Kensington Road for $1.44 million – above price expectations of $1.25 million to $1.375 million.

Jellis Craig Stonnington’s sales agent, Will Bennison, said the woman was buying the townhouse as an investment and her family would use it in the future.

“We’re definitely seeing more confidence is back,” Bennison said.

People were more confident about their home-buying budget after lower interest rate hikes in October and November than previous hikes earlier in the year. Experts also predict interest rate hikes will subside by March next year.

In Bentleigh East, a mid-century time capsule home, owned by the same family since it was built in the 1960s, has sold under the hammer for $1,305,000 – above the $1.25million guide dollars.

A young family bought the five-bedroom house in 91 Brady Road, and consider renovating it. They were one of three bidders on the property.

Simon Pintado, of Buxton Real Estate Bentleigh, said limited stocks were influencing the market, as was the fact that there were only two more weeks left for new homes to come on the market for sale by Christmas.

He said if they don’t buy now they will have to wait until the auction market starts in February next year. “The market is pumping right now if you have the right price,” Pintado said.

Although many homes sold under the hammer, not all did, including a four-bedroom home in 51a Rochester Road, Balwyn.

The home passed on an offer of $2,655,000 before selling in post-auction negotiation for $2.7 million.

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Mark Sproule of Kay & Burton Hawthorn said two buyers had a fight but were unwilling to bid too high for the property.

“I think some people are certainly aware of interest rate hikes,” Sproule said.

The four-bedroom house was sold to a local family, looking to expand, who were looking for a turnkey home.

While sellers and buyers wanted to strike a deal before Christmas, the urgency was not the same as in 2020 and 2021 when the market was booming.

“It’s not the same thing we’ve seen in previous years,” Sproule said.

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