Doncaster East: Knockdown-rebuild block in top school zone fetches hot price
Fierce bidding gave a six-figure premium to the long-time owners of a coveted block as winter auctions kicked off.
The 3 Larool Close, Doncaster East, property netted a strong final bid of $1.652 million on June 1 as four bidders circled.
The result sailed beyond the seller's expectations for the modest property set on a level block of 667sq m.
“The top location was the main attraction for buyers and we had more than 50 groups at inspections,” Barry Plant Manningham auctioneer Robert Groeneveld said.
The property had been owned by the vendors since the 1970s and had a price guide of $1.3-$1.4 million during the campaign.
“The result was a shock to everyone and showed the strong demand for such properties ripe for development,” Mr Groeneveld said.
The property is in the zone for two top schools – East Doncaster Secondary and Serpells Primary - and the buyers were delighted to be moving into the family friendly area.
The home is ripe for a rebuild or a full renovation, he added.
“Level blocks are very attractive and are being knocked down for new luxury homes,” Mr Groeneveld said.
The property was described as a “beautiful blank canvas in the school zone” with a private court setting.
Avondale Heights auction soars over seller’s expectations at five-bidder contest
On the same day, another much-loved house at 37 Macey Avenue, Avondale Heights, also sold strongly under the hammer.
Five bidders competed for the three-bedroom house that enjoyed a serene location close to riverside trails and parks.
It drove the bidding to close at an impressive $1.02 million, a result that went above and beyond the seller's dream price.
Both auctions were among more than 1000 held in Melbourne for the week ending June 2, according to CoreLogic data. This followed four consecutive weeks of large auction volumes in the state.
The Barry Plant Group recorded an auction success rate of 78 per cent for the last weekend of June, well above the industry average across Melbourne which was 64.3 per cent clearance rate from 1109 auctions held.
Auction volumes across the city fell sharply for the King’s Birthday long weekend, with 480 auctions scheduled. At the same time last year, there were 315 auctions held.