Confident buyers out in force
Published on 11/11/2012
There was some energetic bidding at some auctions on Saturday but, at others, would-be buyers were happy to wait and negotiate after properties were passed in.
Buyer's advocate Melissa Opie says buyers are not nervous about purchasing good property, with multiple bidders at some auctions.
A two-storey terrace on a double block at 102 Macpherson Street in Carlton North was quoted by Nelson Alexander at $1 million to $1.1 million. It saw strong competition from four bidders before selling for $1,272,000.
There was also a strong result in Brunswick East, where an original-condition, three-bedroom house at 213 Edward Street was sold under the hammer for $944,000 by Chambers Real Estate, well above the reserve of $850,000.
The auction of a single-fronted period home at 46 Albert Street, Footscray, attracted a crowd of 120. Quoted by Hocking Stuart at $440,000-$480,000, the house saw interest from three parties before it sold for $542,000.
Catherine Cashmore, of National Property Buyers, however, says the post-$1 million market remains patchy. She says an example was a four-bedroom, 1920s residence at 163 Manning Road, Malvern East, which ticked the right boxes but was passed in by Marshall White after a single genuine bid at $1.36 million. Negotiations are ongoing.
There were some successful post-auction negotiations in the unit market. Juanita Kelly, of Woodards, conducted two unit auctions; both were passed in but then negotiated to a sale later. A unit at 2/3 Alfriston Street in Elwood passed in at $400,000 and later sold at $431,000, while 5/60 Gourlay Street in St Kilda East passed in at $395,000 and sold after negotiations for $400,500.
Frank Valentic, of Advantage Property Consulting, says first home buyers are active. He points to the sale of a two-bedroom unit at 5/57 Darling Street in South Yarra. Quoted by Hocking Stuart at $480,000 to $530,000, it sold for $537,000.