Coastal property sales including a house that sold almost $1m above expectations and a huge Safety Beach result headlined Melbourne’s first major auction weekend of the year.
A strong 86 per cent early clearance rate was recorded by realestate.com.au from 90 results, which were dominated by seaside suburbs.
Belle Property Rosebud director Grant McConnell said a Safety Beach house at 30 Dromana Parade sold a whopping $430,000 above reserve for $1.23m in a hugely competitive auction.
“It worked well as a potential development site, because it is positioned on a corner block,” Mr McConnell said.
“There were about 100 people at the auction and about 10 bidders, who were mostly from Melbourne.”
Another Rye house at 2677-2679 Point Nepean Road surged almost $1m past its asking price to $2.74m, according to Wakelin Property Advisory director Jarrod McCabe.
Mr McCabe watched four bidders drive the price well above the $1.8-$1.9m guide in front of about 120 people.
He said the strong demand for the coastal property boded well for Melbourne as the market ramped up in February.
“When there’s strong market activity on the Mornington and Bellarine peninsulas over summer, it usually translates to a robust start to Melbourne’s market post-Australia Day,” Mr McCabe said.
Closer to Melbourne, a “typical Australian home” in Vermont South produced an “absolutely cracking auction” as it sold $243,500 above reserve for $1.318m.
EYS Auctions director Fabian Sanelli said there “wasn’t anything special” about the family home at 3 Lyrebird Court, but five buyers who were challenged with the shortage of available stock still raised their hands.
The three-bedroom pad shot well above nearby comparable sales that were recorded during heightened coronavirus restrictions, he added.
Buxton Mentone agent Trevor Bowen also sold a Cheltenham home “designed for kids” for $1.58m.
Mr Bowen said 16 Walker Grove had three family buyers who pushed the sales figure well above the $1.3-$1.4m price guide.
An original two-bedroom Wantirna house at 41 Harmsworth Avenue also soared $158,000 over reserve to $968,000.
The auction’s big result helped the vendors collect more than double their original $432,550 purchase price in 2008.
Barry Plant Wantirna director Brendan Murphy said there was a four-way contest, with two bidders who fought it out until the hammer fell.
Auctions volumes will ramp up again this week with 360 properties scheduled to go under the hammer.
It comes as search activity on realestate.com.au grew 2.6 per cent in a week to hit a record high — coming in 49.1 per cent higher than the same time last year.