The price of a 50-year-old house in original condition has soared $313,000 above the seller’s reserve in a four-buyer contest.
The 91 Winmalee Drive, Glen Waverley, property fetched $1.413 million at an auction on April 1, which was contested to the finish by two bidders looking to knock down and rebuild.
“We did not expect such a strong result which surprised us,” Barry Plant Glen Waverley auctioneer Tony Ievoli said.
“The campaign travelled well with a number of buyers interested in building a new family home at the site.”
He noted the property was ideal for investors or those looking to build a new house in a good location.
The buyer interest culminated in strong bidding that sailed well above the $1.1 million reserve set by the owner of the dated three-bedroom house on 650sq m.
A family outbid another family for the home located in the Brentwood Secondary zone and near Brandon Park shopping centre.
The agency sold all three properties scheduled for auction that day, with 45 Buller Drive, Glen Waverley, also notching an outstanding result of $1.68 million.
The well-presented property near a busy main road attracted more than 60 groups to the inspections. .
Four bidders battled it out at the auction, and a couple won the keys to the home that had been owned for 30 years.
The renovated four-bedroom house on nearly 700sq m captures views to the Dandenong Ranges and is just minutes to The Glen shopping centre.
Mr Ievoli also sold a townhouse at 13A Farnham Avenue, Wheelers Hill, for $60,000 above the reserve.
The five bidders who competed for the stylish four-bedroom home pushed the price past the seller’s $1.18 million reserve to $1.24 million.
“Each auction attracted multiple buyers who did not hold back, as they were keen to own a property or build a new one,” Mr Ievoli said.
“The shortage of stock is helping to bring intense competition to auctions.”
The Barry Plant Group had another strong auction showing during the week, reporting a 76 per cent clearance rate. PropTrack recorded a 64 per cent clearance rate from 1138 auctions in Victoria.
Barry Plant agents also achieved robust results at 29 Argus Street, Cheltenham, which fetched $1.178 million from a $1 million reserve, and at 3 Juniper Road, Wantirna, which had a $1.1 million reserve and sold for a strong $1.25 million.