A Melbourne bayside suburb where the homes are tightly held has seen a property achieve a huge result.
The townhouse on a half-block of 341sq m at 1/21 Collocott Street, Mordialloc, pictured above, attracted several buyers and, after a strong offer, sold just before its scheduled July 29 auction for $1.22 million.
The four-bedroom home was built in 1980 and was in need of a major renovation.
“We had an offer of $985,000 prior to auction, which was the seller’s reserve price, and two buyers fought it out,” Barry Plant Bayside agent, Chloe Barry said.
“It was a big result for the area where there is limited stock, and many buyers want to get in, but nobody wants to move out.”
Part of the Barry Plant Bayside network, the office achieved a 100 per cent Auction clearance rate for the week ending July 29.
Also sold on July 29, a three-bedroom townhouse at 27A Swinden Avenue, Cheltenham, pictured below, which drew eight bidders to the auction and sold for an outstanding price.
“We had first-home buyers, downsizers and families looking to buy the property, which was very well-presented.”
Bidding at the well-contested auction started at $1.32 million, zoomed past the $1.41 million reserve price, and the keys were won by a young couple seeking to own “something bigger”.
The sellers were rapt with the $1.527 million result, which was $117,000 beyond their reserve.
The sellers had built two townhouses on the original block and sold the smaller townhouse at 27B for $1.32 million in 2021.
Mr Mabey noted that the lack of supply had led to prices holding up well, but he expects this trend to change.
“While we are starting to see more listings come on the market, good quality properties will still sell well,” he said.
“More investors will start to list their properties as a result of increased interest rates, which will mean more choice for buyers.”