A Lilydale auction “that went too fast, too quick” left several buyers on the sidelines as it scored a massive result.
The 169 Warburton Highway acreage fetched $1.761 million for a premium of $261,000 above the seller’s reserve price on August 6.
“We had six bidders and more would have joined in but the auction started at a strong $1.42 million and just kept going,” Barry Plant Lilydale director Ashley Huston said.
“It was a strong campaign with 72 groups at inspections as there is nothing like this acreage on the market now.”
Buyers were attracted to the large property and proximity to the town centre, despite needing a little renovation to restore it to its former glory, Mr Huston added.
The owner-built home of more than four decades drew interest from local and nearby families looking to upsize.
The 20-minute auction saw a young local couple outbid the rest for the keys to the 7.3-acre property in a picturesque setting.
The grand family home features multiple living zones with an outdoor entertainment area for a relaxed lifestyle. It has ample natural light with high ceilings and bay windows, an inviting dining room, plus a sunken lounge room, large kitchen, rumpus room and a wet bar.
The strong result pointed to a lack of quality homes for sale in the area, and the right properties are selling extremely well, Mr Huston said.
“There is strong demand but a lack of supply of lifestyle homes,” he added.
“It is a good start to August with many buyers still waiting for the right property to come on the market.”
Another strong result on the same day was 3 Antoinette Court, Mt Waverley, which sold after three bidders pushed the price to $1.755 million, more than $100,000 above the seller’s reserve.
The spacious family home on 655sq m was suited to owner-occupiers, investors and developers, and was listed by Barry Plant Mt Waverley auctioneer Tony Ievoli.
The same day, Mr Ievoli also auctioned 1/20 Jordan Grove, Glen Waverley, for $1.01 million.
The three-bedroom unit on 321sq m has a sought-after location near Glen Waverley Central and is in the coveted Glen Waverley Secondary College zone. It sold within the $980,000-$1.078 million price guide.
The Barry Plant Group reported a preliminary clearance rate of 74 per cent for the first week in August.