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Bidders battle for homes as market shows resilience

Real estate & property news
28 May 2024
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Clearance rates remain steady while listing levels fall and a determined buyer who had been house-hunting for a long time emerged victorious at a bidding war in Melbourne’s east on May 18.

The battle for 74 Leeds Street, Doncaster East, pictured below, was hotly contested from start to finish.

SOLD - 74 Leeds Street, Doncaster East

Bidding opened at the reserve price and quickly intensified as two main contenders exchanged more than 100 bids, before the gavel fell at $1.77 million.

The buyer who had been searching for a prime property in the area for several months will finally call the three-bedroom house their home.

The property attracted more than 60 inspections during its marketing campaign, which drew a mix of owner-occupiers and developers.

The competitive auction highlighted the ongoing demand for homes within the Doncaster Secondary College school zone.

Barry Plant Manningham director Scott George noted that while properties within the Doncaster Secondary College zone continued to perform exceptionally well, homes outside the zone were also experiencing solid interest.

Patience pays off in Templestowe Lower

The sellers at 8 Astley Street, Templestowe Lower were elated with the result of their second attempt to auction their home.

SOLD - 8 Astley Street, Templestowe Lower

Barry Plant Manningham director Mark Di’Giulo reported that the property saw a 200 per cent improvement in buyer activity compared to the first auction held three months earlier.

The home attracted two serious buyers and after a couple of bids, it was passed in, and successfully negotiated for more than $1.6 million after the auction.

Competitive bidding drives up price in Ringwood

The auction at 21 Ireland Street, Ringwood, pictured below, exceeded all expectations as fierce competition drove the final sale price significantly higher than anticipated.

SOLD - 21-ireland-street-ringwood-vic-3134

Barry Plant Heathmont and Ringwood auctioneer Marcus Lim conducted the lively auction, which saw seven to eight interested buyers pushed out of the competition after the second bid. After a $100,000 jump to $1.2 million, four active bidders pushed the price to an exceptional $1.45 million.

Young couples and families were mostly interested in the four-bedroom home, which sprawls on more than 900sq m. The young Docklands couple who won the keys were surprised by how far their budget stretched due to the competitive nature of the auction.

Mother-daughter duo triumphs in Roxburgh Park

In Roxburgh Park, a unique auction unfolded at 1 Cottage Close, pictured below, where a mother and daughter team secured the property for $619,000.

SOLD - 1 Cottage Close, Roxburgh Park

Senior sales agent Natalie Drazic revealed that while one buyer negotiated before the auction, the pair swooped in after viewing the home on auction day to claim victory.

The underbidder was left disappointed, having fallen in love with the well-maintained three-bedroom home.

Real estate & property news
28 May 2024
Save Article

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