In Cheltenham,an exceptionally built townhouse exceeded its price guide by $200,000 to sell for $1.63 million.
44B Herald Street has four bedrooms,two of which have master suites,and impressive detailing across the home.
“It was an incredible build,” said Ray White Cheltenham’s Angela Limanis. “This townhouse was head and shoulders above the rest,because the actual owner was a builder himself. He oversaw the entire project and ensured down to the smallest details that no corners were cut.”
The three bidders for the home included an advocate representing an overseas client,a local family,and an elderly mother and her daughter. The starting bid of the auction was $1.45 million. Increments started at $25,000 but from $1.5 million to the sale,price bids were between $5000 and $10,000.
The $1.63 million final sale price blew away the vendors’ expectations. “Owners always have a dream price. We exceeded their dream price,and no one saw this coming,” said Limanis.
The mother and daughter were the successful buyers. “The mother needed the downstairs master suite,the daughter will have the upstairs master suite and they both have their own living area,” said Limanis.
In Williamstown,an older home with a rare opportunity at7/98 Railway Place sold for $756,000.
The two-bedroom villa is walking distance from Williamstown Beach and has a spacious backyard. The home was previously a rental property and is not furnished or renovated.
The Railway Place property exceeded its price guide of $600,000 to $700,000.
Five potential buyers were present at the auction,but only three bidders competed for the villa. The three bidders included an investor and a local renter looking to buy,while the successful buyer was an elderly couple,whose daughter will live in the property.
There were 25 bids made during the auction,with most of the bids exchanged between the investor and the couple.
“It’s in a really good position. Brick fillers are becoming more highly sought after,because they’re just not building them anymore,” said Compton Green agent Gerard Hannan.
“It’s 50 to 60 years old,and so it has stood the test of time.”
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AMP chief economist Dr Shane Oliver said that the number of listed properties and the clearance rate in Melbourne demonstrates a softened market.
“That’s probably because of the ongoing impact of interest rate hikes,leading to weaker demand,” said Oliver.
“We’re seeing a lack of vendor supply on the market or low levels of vendor supply,which is probably keeping the clearance rate higher than it otherwise would be.
“The Melbourne market has seen its high for the time being,and it looks to have softened as rate hikes might be starting to have a bigger impact relative to the underlying supply shortfall.”