A bidding war among Moonee Valley developers has pushed the price of a Niddrie property well beyond expectations.
Sought after for its land value and development potential, the 656sq m property at 118 Hotham Road, sold under the hammer for $1.18 million, a whopping $130,000 above the seller’s reserve price.
Three out of five interested buyers took part in the auction on March 25, according to Barry Plant Moonee Valley agent Tony Catena.
“They were all developers who battled it out on the day,” he said.
“The other two, who wanted to build their dream homes on the block, didn’t get the chance to bid.”
The tenanted three-bedroom house on the block had generated rental income for the seller for the past 30 years.
The property’s location near freeways, elite schools including Penleigh and Essendon Grammar, Keilor Road cafes and shops, plus Steele Creek park and trails, also helped generate strong interest.
In the same tightly held suburb, a unique architect-designed three-bedroom townhouse at 26A Shaw Street (pictured above), also changed hands on March 25.
“This is the third time I’ve sold this property in its 18-year history,” Mr Catena said.
“And it sold within its price guide of $1.05-$1.15 million.”
A couple, who wanted to live closer to work and the city, snapped up the home that displays a distinctive design with a chic industrial touch.
There was strong competition for the limited homes for sale in Moonee Valley, according to Mr Catena, who has achieved a 100 per cent auction clearance rate since the start of the year.
“This is fuelling an uptick in our results,” he said.
Mr Catena recently auctioned a four-bedroom townhouse at 78 McNamara Avenue, Airport West, which sold beyond expectations for $1.228 million.
Attracted to its chic contemporary style, a downsizer from Essendon defeated two other bidders to win the keys to the brand new home.
There was strong demand for new or renovated family homes in the area, Mr Catena said.
Up for auction on April 1 with $1.35-$1.485 million price hopes, a four-bedroom house on 709sq m at 135 Bowes Avenue, Airport West, is attracting strong interest from buyers across Melbourne.
The property had been beautifully renovated and extended by the owner who grew up in the house, and had lived there with his wife for the past 23 years, according to Mr Catena.
“This is a great entertainer’s home,” he said.
“We’ve had 70 groups through and we expect multiple bidders at the auction.”