The grand five-bedroom house on 870sq m at 4 Bronte Rise (pictured below) was contested by four bidders at an auction on August 19.
All four buyers were Chinese families keen to live in the home which falls in the zone for Serpell Primary and East Doncaster Secondary schools, according to Barry Plant Manningham agent Diana Dai.
After the property was called on the market at $1.85 million, two buyers kept bidding until the hammer fell at $2.268 million.
One buyer was overseas in Shanghai, so had a friend bidding on their behalf..
“The property sold to the other bidder, a local family with two school-going children,” Ms Dai said.
“The competition at auction produced a great result.”
Also in Templestowe on the same day, three bidders competed for 25 Montpellier Crescent (pictured below), and pushed the price to $1.53 million.
A Chinese family upsizing from Dandenong won the keys with a bid that was just above the seller’s reserve price, Ms Dai said.
The outer-eastern suburbs remain popular with buyers from migrant backgrounds, especially from China.
An acreage home at 1 Robdon Court, Donvale (pictured below), also changed hands recently to a local Chinese family for $3,558,888.
In the southeast, two auctions also delivered strong prices, including 113 Ella Grove, Edithvale, which sold for $1.11 million, and 4 Donhaven Court, Dingley Village, that changed hands for $1.165 million.
The Ella Grove home sold well beyond the $990,000 reserve price to a young family who outbid two other buyers.
“The market in our area is still strong, with multiple buyers and homes selling at or prior to auction.”
The real estate market is heating up, with Victoria’s first `Super Saturday’ of auctions since April will be held on August 26, with 1100 auctions scheduled, according to Proptrack.
Also, more than a thousand properties will head to auction during the first weekend in September.
View our Auction Timetable for our upcoming auction times, or, if you’re considering a sale by Auction, request a property consultation today via our Appraisal Request Form, or talk to your local Barry Plant.