A Melbourne house with its own full-size backyard tennis court has delivered a grand slam-worthy result at auction, as the tennis world gears up for the French Open next week.
The sprawling Templestowe property attracted strong buyer interest throughout the campaign, with one tennis-loving couple even bringing their rackets along to a private inspection for a hit on the court.
More than 60 groups inspected the home during the campaign, but it came down to two keen bidders who ultimately battled it out under the hammer in what agents say remains a cautious market.
The property: The five-bedroom, three-bathroom house at 13 Larnaca Court, Templestowe sold at auction for $2.57 million on Saturday, 9 May.
The double-brick rendered house and tennis court sits on a 1,284 square metre block at the top of a sought-after cul-de-sac near popular public schools.
The sprawling Templestowe property at 13 Larnaca Court sold under the hammer over the weekend. Picture: realestate.com.au/sold
Suburb snapshot: Templestowe is 16 kilometres northeast of the Melbourne CBD, and is close to the Pines Shopping Centre, Donburn Shops and Westfield Doncaster.
The median price for houses in Templestowe has declined 2.6% to $1.6555 million during the past 12 months, according to PropTrack data. Data for five-bedroom houses inthe suburb wasn’t immediately available.
Two bidders competed at auction for the 1,284sqm property. Picture: realestate.com.au/sold
Selling agent Shaun Wang of Jellis Craig – Doncaster oversaw the campaign, and spoke to realestate.com.au about the result.
Tell me about the property?
The property was built in the 1990s, so it’s about 35 years old and the owner has been there for over 20 years.
Shaun Wang of Jellis Craig says more than 60 groups inspected the property. Picture: Supplied
It’s in a very good location in Templestowe, close to Serpell Primary and East Doncaster Secondary schools, so it’s near very good schools. That's why it attracted a lot of interest during the campaign.
What happened during the campaign?
Overall, there were good numbers. We had over 60 groups through the opens in four weeks, and we had multiple repeat inspections.
The house had numerous living and dining zones across both levels. Picture: realestate.com.au/sold
Some buyers inspected the property three or four times, so it was a good campaign.
How did the auction go?
Before we started the auction, we knew we had two bidders and they both bid on the day. It started at $2.3 million, the reserve was about $2.5 million and then it sold for $2.57 million.
The kitchen was finished with Ilve appliances, granite benchtops and Calacatta marble splashbacks. Picture: realestate.com.au/sold
The market is still tough even for really good campaigns. We had a lot of buyers come through and a lot of interest at the beginning, but we only got two bidders.
Were you surprised by the result?
No, I thought it was going to get a good result, and the vendor was really happy.
The successful bidder paid $2.57 million for the family home. Picture: realestate.com.au/sold
If we could have gotten three or four bidders on auction day, that would have been better. But we still got there in the end.
What type of buyers did you see through the campaign?
Most of them were families with kids looking for schools, and the buyer who bought it was upsizing from nearby.
It’s not every day you see a tennis court in the backyard. Were there any tennis fans among the buyers?
Yeah, there were a few buyers who liked the tennis court. We had a young couple who brought their tennis rackets to a private inspection to have a hit and test the tennis court.
The home comes with four bedrooms upstairs, as well as a fifth bedroom or study downstairs. Picture: realestate.com.au/sold
They inspected it a few times, and they did the building inspection as well, but they didn't bid on auction day. It’s pretty unique because blocks are normally 700-800sqm in the area but this block is nearly 1,300sqm.
What are you seeing in the market at the moment?
In general, we feel like it's still pretty tough out there. We’re still getting buyers coming through, but a lot of buyers are a bit conservative.
The main bathroom comes with a modern spa bath and a luxe stone-topped dual vanity. Picture: realestate.com.au/sold
They’re just not sure what's going to happen in the next few months, with the interest rate increases and the current situation across the world.
But I think it's a good time to buy because you have less competition now, and when the market comes back again, it will kick off pretty quickly.
Predictions for this area?
I think it will probably just stay as it is over the next few months, but it’s hard to say.
For something like 13 Larnaca Court, if it's a nice family home in a good location, then it will still sell well.
It also has a home theatre, upstairs retreat a home gym. Picture: realestate.com.au/sold
But for something like an old house on a big block for development, then it is going to struggle to sell because builders and developers are probably looking for bargains in this market. So unless the vendor is really in line with the market, it'll be hard to sell.
Are you seeing interstate buyers looking in Melbourne?
Yeah, definitely, we have seen interstate buyers. We’ve had buyers coming from Brisbane and Sydney looking to buy in Melbourne recently.
I had a buyer who just moved back from Brisbane. They had lived in Melbourne and moved to Brisbane probably about 10 years ago, but now they're looking to move back. They said the prices in Melbourne are more attractive because it's cheaper than Brisbane now.
So we’re definitely getting more and more buyers from interstate, but it depends on the type of property as well. My colleagues sold an apartment in the city and they had a lot of interstate buyers because it’s good value for money and investors can get good rental returns as well.
So I think it's going to be a good thing for the Melbourne market.
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