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Family ties draw buyers to bid up in Mordialloc

Real estate & property news
05 December 2022
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Hot auctions bring strong end to spring market

Two neighbouring homes have sold to buyers keen to be close to family in a sought-after Bayside suburb.

A three-bedroom house at 1/92 Albert Street, Mordialloc (image above), sold for $1.041 million to a buyer who wanted to move from a nearby suburb.

This was $91,000 above the seller’s reserve price at the November 26 auction, with all four bidders living nearby and seeking to be owner-occupiers.

“There were emotional reasons for the buyer’s interest as she wanted to be close to family in the area,” Barry Plant Mentone-Cheltenham agent Chloe Barry said.

The market had responded well to the home because it had character, was well presented and in a location close to Main Street shops, she added.

The house on 329sq m is the original property on a subdivided block and was an investment for the sellers.

“There are not many such homes on the market and several buyers inspected the home three or four times,” Ms Barry said.

She added that a two-bedroom unit next door at 3/94 Albert Street also attracted strong bidding when it sold for $710,000 in October.

“There were also four bidders and the auction went crazy,” Ms Barry said.

“The buyer from Elwood wanted to be near her mum who lives around the corner.”

Victoria had a Super Saturday of auctions on November 26, with more than 1000 auctions scheduled that week.

Barry Plant offices recorded several impressive results on the day, including 442A Plenty Road, Preston, selling for $880,000 and fetching $80,000 above the seller’s reserve.

In Taylors Lakes, a house at 20 Panamuna Avenue also sold for an $80,000 premium, above the seller’s $840,000 reserve.

The four-bedroom home built in 1992 attracted four bidders and the auction took just 12 minutes, according to Barry Plant Taylors Lakes partner Andrew Koulaouzos. The buyers were a couple downsizing to the single-level home.

In the city’s east, a three-bedroom house at 56 Garnett Rd, Wheelers Hill, sold for $1.217 million at another four-bidder contest.

The property, which offers views to the Dandenong Ranges, had a seller’s reserve of $1.15 million, and the sale gave the seller a $67,000 premium.

Also selling under that day was 4 Mockridge Street, Wantirna South, which changed hands for $1.202 million.

Real estate & property news
05 December 2022
Save Article

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