11 Olinda Ave, Springvale, which has been in the one family since it was built almost 50 years ago, has delivered a top result for its owners at a Saturday auction.
A Springvale house that’s been in the same family for decades has soared $462,000 above reserve to unexpectedly sell for seven figures this weekend.
The six-bedroom home at 11 Olinda Ave isn’t the only property in Melbourne’s south eastern suburbs to have wowed crowds on Saturday, with a Hughesdale property also scoring a sale way above expectations.
Ray White Clayton’s Peter Liu said seven bidders vied for the Springvale abode built almost 50 years ago but renovated since.
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The two-storey house features three kitchens and three bathrooms, and is close to Springvale Central shopping centre, Sandown Park train station and schools.
Mr Liu said the solid double-brick build, renovation and location appealed to plenty of buyers.
“We had around 120 groups inspect during the four week campaign,” he noted.
Two Sydney-based buyers helped to drive strong bidding alongside local buyers.
A Melbourne family with young children were the successful purchasers at $1.312m.
The reserve was about $850,000, in the middle of the house’s advertised $800,000-$880,000 range.
Mr Liu said the home’s owners were shocked by the result but remained fairly calm when the “crazy” auction was over.
11 Olinda Ave, Springvale, has multiple kitchens and living areas.
The home is located opposite a park and kindergarten.
His colleague Jonathan Eaves also had a listing which scored another big result on Saturday.
The three-bedroom Edwardian-era house at 21 Canterbury St, Hughesdale, saw seven bidders compete for the keys.
Listed for $1.25m-$1.35m, it was announced on the market at $1.3m but ended up fetching $1.64m after two bidders went head-to-hard towards the end of the auction.
“I don’t think anyone had any expectations it would go to that level,” Mr Eaves said.
The Edwardian house at 21 Canterbury St, Hughesdale.
The vendors were so stunned by the result that they asked Mr Eaves if had added the final numbers up correctly.
“And they’re like, ‘Oh my God, we couldn’t believe it. We couldn’t fathom that it went as high as that’,” he said.
The buyers are relocating from New Zealand to Australia for work and schooling purposes.
Mr Eaves said the result was an encouraging sign the market was “getting a little bit better”.
“I think with the rate drops coming through, it’s probably finally hit the back pocket of a lot of the bidders now, because there’s usually a lag period between a rate drop and coming through the bidders’ back pocket,” he said.
The new owners of the Hughesdale house are planning to potentially renovate.
And in Box Hill South, a four-bedroom house close to Box Hill Golf Course sold for $1.832m.
Belle Property’s Steve Burke said the 48 Roberts Ave residence had a $1.75m reserve and attracted three bidders.
“The market is alive, it’s 68 days to Christmas and buyers know it is a crucial time to act now or wait until next year,” Mr Burke said.
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