Black Rock $3.81 million auction record, while Malvern makes clean sweep
The auction battle for 3-5 Fourth Street, Black Rock highlighted the escalating buyer intensity along the Melbourne sand belt and inner east suburbs today.
It fetched $1,010,000 over its reserve price setting a new $3.81 million record for a residential property in the suburb.
"The previous highest that we could find being $3,775,000 for a contemporary home with pool and tennis court on around 1650sqm of land in May 2010," said buyers agent Nicole Jacobs. Bidding began at $2,450,000, swiftly going past $2,800,000 when it was announced on the market (below) at the Marshall White auction.
Once the $3,000,000 barrier was exceeded the increments started to decrease but the pace of bids didn’t, Jacabs noted as at $3,060,000 a third bidder joined the fray.
Selling agent Barb Gregory thought its architectural features including a large open fireplace in the family room, extensive use of cedar, wide eaves had Frank Lloyd Wright influences.
The final $3.81 million sale price was withheld, so it didn't feature in the REIV's top five sales.
A clearance rate of 78 per cent was recorded this weekend compared to 70 per cent last weekend and 72 per cent this weekend last year.
There were 939 auctions reported to the REIV today, the REIV chief Enzo Raimondo advised, the resumption of the auction market after last weekend's Labour Day holiday.
The Black Rock auctioneer Peter Kakos cheekily asked the two final bidders if there was any chance of the two of them moving in together, to which the second bidder quipped “not after this” – a light moment breaking the auction tension.
It was a 1440 square metre corner block with a large 1980’s architect designed home.
Meanwhile Malvern results topped both house and apartments on the REIV results.
Late week several parties gathered inside 106 Stanhope Street, Malvern (pictured above) for a private auction, which ranked as the week's highest house sale.
Midlothian, the 1891 Malvern property had been renovated by the current vendors by Rosenthal, Munckton and Shields in 1997 and then further enhanced by the addition of a superb pool-side studio, with sub-floor heating, from the same architects in 2006.
Langley says just about every premium offering now has multiple buyers running on it, which is a sign of the depth and heat in the market.
Other Malvern sales included 6 Claremont Avenue at $2.51 million.
TOP 5 HOUSES
1. 106 Stanhope Street, Malvern $5,080,000
2. 28 Rowland Street, Kew $3,840,000
3. 11 Collington Avenue, Brighton $3,520,000
4. 13 Springfield Avenue, Toorak $3,225,000
5. 42 Bogong Avenue, Glen Waverley $2,925,000
TOP 5 BARGAIN HOUSES
1. 43 Vista Drive, Melton $190,500
2. 1 Argyll Circuit, Melton West $223,000
3. 71 Hilton Way, Melton West $245,000
4. 19 Kynoch Street, Deer Park $291,000
5. 44 Mulberry Pass, Craigieburn $330,000
TOP 5 APARTMENTS
1. 17 Fraser Street, Malvern $3,690,000
2. 26B Shoobra Road, Elsternwick $1,500,000
3. 204/55-62 Beach Street, Port Melbourne $1,480,000
4. 2/48 Albany Road, Toorak $1,320,000
5. 5/20 Yarra Grove, Hawthorn $1,300,000
TOP 5 BARGAIN APARTMENTS
1. 501/2 Eastern Place, Hawthorn East $95,000
2. 5/160 Grange Road, Carnegie $240,000
3. 1/156 Station Street, Fairfield $270,000
4. 4/11 Wallarano Drive, Noble Park $275,000
5. 18/46 Baker Street, Richmond $290,000