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Beachside auctions ‘quickly’ sail past seller reserves

Home buyers
31 March 2021
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Super Saturday delivers strong results across the bay

Registered bidders were knocked out of the competition at auctions held on March 27.

Some did not have a chance to bid as reserves were reached so quickly for properties from Bayside to the Mornington Peninsula.

Beachside sellers revelled in the positive results over the busiest auction weekend of the year, as more than 2000 properties went under the hammer.

A development site of 821sq m in Mentone notched the biggest sale for the Barry Plant network in Bayside, fetching an impressive $1.377 million.

The 1 Albenca St property featured a partly renovated four-bedroom home, but drew interest from mostly investors and developers because of its land size and location, according to Barry Plant Bayside auctioneer, Chris Kavanagh.

“The auction commenced at $900,000 and went up in $50,000 increments, battled out between nine bidders,” Mr Kavanagh said.

“The hammer fell to a property developer from the inner city, who plans to redevelop the site, building one townhouse for his mum and selling off the others.”

Just up the road at 1026 Nepean Highway, Moorabbin, an original 1950s brick veneer house changed hands for the first time in 63 years. The home, currently occupied by the grandchildren of the original owners, sold to a Moorabbin local living in the same street.

Mr Kavanagh said the bidding started at $1 million and very quickly hit the reserve.

“We had three bidders battling it out, two other registered bidders didn’t get an opportunity to bid as the price blew past their budget too quickly,” he said.

“Once the reserve was hit, the bidding went up in $1,000 to $5,000 bids to then sell for $1.218 million, a very healthy amount above the seller’s expectations.

Interested parties were families from inner bayside regions, Mr Kavanagh said.

“They were young families from Brighton or Hampton areas, looking at taking one further step out to achieve a bigger home,” he said.

Up the peninsula, a relocating Bayside couple secured the keys to a four-bedroom Dromana home, boasting stunning views of the bay.

The four-bedroom pad at 6 Kent St drew a crowd of about 70 people, with six registered bidders, Barry Plant Mornington director, Danae Eden said.

“We only had four groups bid as the property flew past the reserve very quickly,” she said.

“I think a few people got knocked out of the auction battle quite early, and it sold for $1.223 million.

Home buyers
31 March 2021
Save Article

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