Investors, families and even the Salvos snapped up properties in Melbourne’s outer-east suburbs on the last auction weekend of summer.
Ashburton hosted two auctions that saw prices soar well above the reserves set by the vendors.
A large crowd witnessed eight bidders compete for 7 Tarakan Ave, Ashburton which fetched $1.823 million, well above the $1.45-$1.55 million price guide.
The buyer waited till the price was close to $1.8 million before she joined the bidding war.
“It was a good strategy and the buyer was keen to secure the property, which has plans and permits for two townhouses,” Barry Plant Glen Waverley agent Lindsay Xu said.
“The property is a knockdown and rebuild and all the bidders were attracted by the location and price.”
Earlier that day, the buyer purchased another investment property at an auction in Glen Waverley.
Another smashing result was 63 Ashburn Grove, Ashburton, which was sold for $2.4 million by Barry Plant Manningham director Mark Di Giulio.
The four-bedroom house, on a 1.127sq m block, attracted four bidders and gained an impressive $350,000 above what the vendor had expected.
Barry Plant Glen Waverley also had success at its two other auctions on Saturday, director Sam Rosello said.
This followed a 100 per cent clearance rate from seven auctions the previous week.
In Mulgrave, a first-home buyer snapped up 5 Juba Court for $890,000 in a six- bidder contest.
“The house needs work but was reasonably priced and sold well above the reserve,” selling agent Nick Makris said.
A family from the inner city also nabbed their first home with the $1.09 million purchase of 22 Toolang Court, Mt Waverley.
Attracted by nearby schools for the children, they outbid three other groups for the house which had a $950,000-$1.045 million price guide, selling agent Sophia Tangey said.
In Wantirna, the Salvation Army, bidding via phone from Sydney, paid $1.22 million for 37 Freshfield Avenue.
A strong opening bid of $1.05 million was enough to knock out several potential bidders, Barry Plant Wantirna director Brendan Murphy said.
The result was $120,000 above the vendor’s reserve. “The Salvation Army already owns another property on the street and this will be housing for its staff,” Mr Murphy said.
Another home at 2 Kirby Court, Ferntree Gully, was snapped up before Saturday’s auction after a developer put in a strong offer.
The buyer paid $980,000 – at the top of the price range - for the 1018sq m block that can be developed into three units.