Young buyers outlast hot weather and competition as auctions sizzle
Doncaster East, Wattle Glen and Kangaroo Ground homes change owners for top prices. Big crowds and bidders turned up in the city’s east to kick off what is tipped to be a robust February auction season.
Big crowds and multiple bidders turned up in the city’s east to kick off what is tipped to be a robust February auction season.
The sweltering heat on February 3 did not deter six young families and couples from competing in a marathon 60-minute auction at 8 Saturn Terrace, Doncaster East.
The buyers drove the auction from an opening bid of $2.2 million, followed by several $100,000 increments, to reach $2.5 million, according to Barry Plant Manningham partner Todd Lucas.
Despite slowing with smaller increments, the auction went past the seller’s reserve of $2.6 million to $2.78 million.
“I was about to knock it down at that price but a new bidder came in and it eventually sold for $2,925,500,” Mr Lucas said.
The final $180,000 stretch was fought out between two young families, and a local family planning to upsize won the keys.
The four-bedroom house built eight years ago drew plenty of interest from buyers seeking a quality home in the Doncaster East Secondary College zone.
“We had expected a sale around the $2.7 million mark, and brought forward the auction by two weeks because of the strong interest,” Mr Lucas said.
“Our auctions are going well and they allow buyers to see the competition, as they do not want to overpay.”
Mr Lucas also sold two more properties under the hammer that day, with 45 Gedye Street, Doncaster East, attracting two young families. It also sold for above its reserve price, for $1.315 million.
A young couple bought 2/5 Leonard Court, Doncaster, paying $1.16 million in post-auction negotiations.
“Doncaster East attracts young buyers looking to stay in the area for the long term, and many buyers grew up locally or are upsizing within the suburb,” Mr Lucas said.
There were 423 auctions scheduled across Melbourne for the first Saturday in February, which traditionally marks the start of the auction season for the year.
The Domain Group recorded a preliminary auction clearance rate of 65.9 per cent from 328 reported results.
The luxury lifestyle home on 3757sq m, with a $1-$1.1 million price guide, sold for $1.232 million.
“It had good interest because it was fully renovated on a single level and had large sheds at the back,” Barry Plant Eltham auctioneer Nathan Foley said.
He added another lifestyle home buyer from Balwyn snapped up an acreage property at 410 Eltham Yarra Glen Road, Kangaroo Ground, for $2.25 million in January.
“There’s lots of interest in lifestyle homes but limited supply,” Mr Foley said.
He has just listed 200 Eltham Yarra Glen Road, Kangaroo Ground, which will set a new suburb price record if sold at or above the $6.3-$6.9 million price guide.
The landmark hilltop property, "Rosebank", comes with a pool, tennis court, separate cottage and stunning views.