The award-winning house at 3 Dally St, Northcote, earned a premium at a weekend auction.
Heavy rain and the lack of a November rate cut failed to put a dampener on Melbourne auctions as several homes smashed their reserves by six-figures yesterday.
According to PropTrack, Victoria recorded a preliminary 71.9 per cent clearance rate from 748 early auction results this week after the Reserve Bank left Australia’s cash rate on hold at its Tuesday meeting.
Advantage Property Consulting director and buyers’ advocate Frank Valentic said the absence of a rate decrease “hasn’t changed buyers’ FOMO at the moment”.
RELATED: Shock change in Australian property investment habits
Melbourne homebuyers warned over AI’s costly property mistakes
Consumer Affairs Victoria cracks down on dodgy comparable sales
“Most of our buyers’ advocate clients are keen to secure a home sooner rather than later before further price rises next year,” Mr Valentic said.
“Stock levels will dry up from here as there are only really one to two weeks to start an auction campaign before the market shuts down for Christmas.”
He described the Melbourne market as currently experiencing “the calm before the storm”.
“Property prices have been flat for a number of years and are now primed to see strong growth in the next few years,” Mr Valentic said.
The kitchen at 3 Dally St, Northcote, features concrete benchtops and European appliances.
On Saturday, a three-bedroom house at 3 Dally St, Northcote, sold for $2.702m, a figure more than $400,000 above reserve, Nelson Alexander’s Robert Enes said.
It was listed with $2.1m-$2.3m price hopes and the reserve was set at the ranger’s upper end.
The Victorian-era home, which had been renovated with a modernist-inspired design,
won the 2023 Residential Alterations & Renovations Award from the Australian not-for-profit cooperative ArchiTeam which supports small, medium and emerging architectural practices.
Mr Enes said he had not been expecting the home to shatter its reserve but the new owner, one of three bidders, had fallen in love with the property and was determined to acquire it.
“The owners are ecstatic, they’re a young couple who renovated it,” Mr Enes said.
Advantage Property Consulting director and buyers’ advocate Frank Valentic.
In Melbourne’s east, a four-bedroom house at 1 Sherwood Rd, Surrey Hills, changed hands for $2.3m.
The sum was $320,000 higher than the $1.98m reserve, at the advertised range’s upper end.
Fletchers’ Michael Rosano said that out of two bidders, the 1980s-built property was snapped up by a family buyer.
Mr Rosano said the market was still seeing good results despite there being no November rate cut, although stock levels had risen compared to earlier in the year.
1 Sherwood Rd, Surrey Hills, sold six-figures above expectations on Saturday.
In Brunswick West, a Edwardian-era house at 8 Whitby St soared $291,000 past reserve to score a $1.611m sale.
The three-bedroom pad was listed with $1.2m-$1.32m price hopes and the reserve was set at$1.32m.
The listing agent, Matthews Agency chief executive John Matthews, said six bidders competed for the keys.
A man bidding on behalf of his son-in-law won the day, while the owners – who have relocated to Europe for work – watched the auction in London via a messaging app video.
Six bidders tried to secure 8 Whitby St, Brunswick West.
Mr Matthews said August’s rate drop and the federal government’s 5 per cent deposit scheme for first-home buyers were helping to boost the market.
“The last few months, we’ve seen really good improvement in the market, so I think people now have just switched on, and they’re not sort of sitting on the sidelines,” he said.
Another star performer on Saturday was a house at 22 Halwyn Cres, Preston, which fetched $1.57m under the hammer.
The three-bedroom abode was listed with a $1.3m-$1.4m range.
Ray White Preston’s Ian Dempsey said five bidders contested the auction.
“The seller had lived in the home since 1958 and is downsizing and moving closer to family,” Mr Dempsey said.
The owner of 22 Halwyn Cres, Preston, is relocating after more than six decades at the address.
Marshall White group sales director John Bongiorno said Melbourne’s top-end market was “pretty strong” with “good properties still selling extremely well”.
He said now was the time of year when Australian expatriates were returning from overseas and hoping to secure a home before Christmas, causing a busier-than-usual spring.
“It‘s just a good transactional market, i’s pretty easily balanced between buyer and seller,” Mr Bongiorno said.
Mr Bongiorno was also preparing to take part in the Stride of Ride charity event on Sunday.
The 60km ride from Portsea to Dromana and back, hosted by the cycling group Sorrento Bay Riders, raises funds for The Portsea Camp which provides wellness and resilience programs for disadvantaged Victorian children.
Marshall White group sales director John Bongiorno.
Mr Bongiorno was participating in the event in honour of his late cousin, Tony Bongiorno, who died during the 2023 event following a bicycle accident which resulted in him being flown to hospital.
“This ride is deeply personal. Tony was the one who got me into cycling and mentored me in so many aspects of my life,” Mr Bongiorno said.
“To be riding this path in his memory is an incredible honour and a fitting way to remember a man who gave so much to others.”
Mr Bongiorno said he would encourage other people, including others in the real estate field, to support the worthy cause.
Riding alongside him were friends including the now-retired founder of commercial property giant Becton, Max Beck, who served as the Royal Children’s Hospital’s deputy chairman for more than a decade.
Mr Bongiorno said they were hoping to raise tens of thousands of dollars for The Portsea Camp.
PropTrack is expecting 1617 auctions across Victoria next week.
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: Prahran: Dogs in Space, Michael Hutchence film location sells
Georgia Geminder and Matthew Danos’ modernist Toorak pad sold
Massive fortunes and properties The Golden Girls stars left behind
English (US) · 