The 1980s Lower Plenty home in need of a major renovation has fetched just under $2 million.
The 32 Rosehill Road house in its original condition sold before auction after receiving three strong offers.
With a $1.8-1.95 million price guide, the four-bedroom house on more than 4000sq m attracted 15 potential buyers before three serious buyers emerged.
“The house needs a lot of work to update, though it was very well built-in 1982,” Barry Plant Eltham agent Sheryl Emerson said.
“We looked at the interest and thought we might get more than we would at auction, and so the seller took the strong offer.”
She added her estate agent father sold the block of land to the owners in 1981, on which they built their house.
The new owners are moving from Heidelberg into Lower Plenty where quality homes easily sell for $2.5-$4 million.
“You cannot get anything under $2.5 million now in Lower Plenty, which is very tightly held,” Ms Emerson said.
“However, there is more movement in the market now because many owners are in their 80s and 90s.”
On a generous block in a coveted location, the property is an ideal family home with spacious living and entertainment spaces, a pool and a triple garage.
In an auction that went ahead recently, 14 Nokes Court, Montmorency, had strong buyer interest before it sold for $1.36 million.
The result for the 1956-built weatherboard house was well above the seller’s $1.175 million reserve price, Ms Emerson said.
Rental property for many years, it drew plenty of attention because of its proximity to the train station and shops.
“It is in one of the two best streets in the suburb and attracted three bidders, including the buyer from Watsonia North,” Ms Emerson said.
In auctions for the week ending March 5, the Barry Plant Group reported a clearance rate of 80 per cent from 89 reported results. There were 71 properties sold and 18 passed in, while four auctions were postponed and five cancelled.
More than 1500 auctions were scheduled in Victoria on the March 5 Super Saturday. Auction numbers will fall back to around 640 in the state on March 12 due to the Labour Day long weekend.