A rundown Edwardian home in the Melbourne western suburb of Seddon has surprised real estate agents and bidders alike, fetching almost $1 million at auction on the weekend.
The two-bedroom “gem”, which has dual street frontage, crumbling ceilings, and only one toilet – in the backyard – struggled to field bidders.
Domain reported a vendor bid of $850,000 got the ball rolling, but was wound back to $800,000 to draw its first offer.
The property was quoted at $850,000-$900,000, but 10 bids later it rose to $990,000, with a group of four proclaimed “renovators” winning the title.
A local couple were quoted as saying “unbelievable, it doesn’t matter if they’re unrenovated!” while a Burnham’s real estate agent believed the new owners of 52 Alexander Street, Seddon, walked away with a steal.
Meanwhile, a 1905 Melbourne mansion in Malvern East, once owned by Little River Band guitarist Beeb Birtles, was likely the nation’s highest weekend auction sale.
It sold post-auction at an undisclosed price, understood to be for more than $6 million.
The five-bedroom, four-bathroom house on 1400 sqm at 10 Manning Road originally came with $8 million-plus hopes last November in an unsuccessful expressions of interest campaign.
Domain reported there was just one bidder at $5.95 million at the weekend onsite auction.
Harleston Firs, a red-brick Victorian with five bedrooms, a study, billiard room, music room and triple garage, was restored and extended by Birtles more than 30 years ago.
It was sold by the band member for $1,265,000 in 1991 to the current vendors.
A one-bedroom, one-bathroom apartment at Kingsville, nine kilometres from the Melbourne CBD, sold at weekend auction for $210,000, making it the cheapest sale across the capital cities.
Located at 2/57 Kingsville Street, the property has been a $210 a week rental.
Sydney’s clearance rate remains the strongest in the country with Domain economist Dr Andrew Wilson describing the city’s auction market as “relentless”.
The national capital city clearance rate increased this weekend to 76 per cent, compared to 75 per cent last weekend and 68.8 per cent one year ago.
Auction activity increased over the week with 2844 homes taken to auction, up from 1473 last week; however this time last year, volumes were higher with 3540 properties taken to auction.
Each capital city market has seen a rise in auction volumes over the week, while clearance rates have been somewhat varied, said Kevin Brogan at CoreLogic.
The highest preliminary clearance rate was in Sydney where 83.9 per cent of auctions cleared over the week, followed by Canberra at 76.6 per cent.
Melbourne was the busiest city for auctions, with 1415 homes going under the hammer. Of the 1059 reported auctions, 804 were successful, representing a preliminary clearance rate of 75 per cent.
One offering that didn’t sell was comedian and writer Glynn Nicholas’ converted warehouse two-bedroom apartment, passed in on a $750,000 vendor bid.
It now comes with an $865,000 asking price.
Nicholas has owned the 13/1-5 Martin Street apartment since paying $190,000 in 2000, using it as an office space before converting it and recently adding a mezzanine floor.
Melbourne’s clearance rate dipped from 79 per cent across 385 auctions on the Moomba long weekend.
Melbourne sales included SEN radio host and Fox Footy commentator Anthony Hudson, who sold in Brighton for $3.305 million.
The four-bedroom home he shared with his wife Eloise and their three daughters traded in 2010 for $2.175 million.
The Herald Sun reported the renovated 1960s home attracted competitive bidding between two of the four bidders — topping a reserve price around $2.9 million after an opening vendor bid of $2.6 million.
This week, 962 Sydney homes were auctioned and preliminary results show 83.9 per cent were successful, representing a rise from 77 per cent last weekend across 803 auctions.
A 1900s bungalow at Mosman fetched $5.58 million, making it Sydney’s most expensive weekend auction result.
Located at 12 Edwards Bay Road, the property has been held by the same family for 50 years.
With views over Balmoral Beach, the property was offered through McGrath.
There were 175 Brisbane homes taken to auction this weekend. The preliminary clearance rate for the city is 49 per cent, down from 55 per cent last week and similar to one year ago.
Brisbane’s top-priced result was in Wilston where a city-view house sold for $1.55 million, located at 18 Main Avenue.
Adelaide recorded a clearance rate of 64 per cent across 105 auctions, down from 73 per cent across 87 auctions last week, while Perth’s clearance rate of 60 per cent across 58 auctions is up from the previous week.
In Canberra, 113 auctions were held, and of the 64 reported results, 76 per cent were successful. Last week, 45 auctions were held and the clearance rate was a lower 67 per cent.
A resort-style Yarralumla home sold for $2.275 million, making it Canberra’s most expensive sale on the weekend.
Located at 7 Drummond Row, it is a five-bedroom home positioned in a quiet, blue ribbon cul-de-sac.