Auction Wrap
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7 Collace Street, Brunswick
Sold for $949,000
This house appealed to families as they clustered under trees and umbrellas to see 3 bidders move the opening vendor bid price of $770,000 up to “on the market” at $860,000. A lady and a young couple took over the bidding from there, with the young couple winning the property for $949,000.
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28 Brighton Street, Richmond
Passed in at $950,000 VB
Auctioneer Andrew MacMillan loved this “hidden away, inner city street”, but it seemed no one in the crowd did. Despite him pointing out the proximity of the local pubs, after placing a vendor bid of $950,000 the soggy crowd remained silent, and the property was passed in.
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16 William Street, South Yarra
Passed in at $4,200,000 VB
Due to the rain the 30 people who had gathered for the auction were “forced” in to the gorgeous downstairs living room to hear auctioneer Mark Ridgeway place an opening vendor bid of $4million. He placed a later bid of $4.2 million and asked for $10,000 increases, but the property was passed in with no genuine bids.
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22 Birkenhead Street, Fitzroy North
Sold for $786,000
The opening bid of $600,000 was gently refused by auctioneer Arch Staver, who placed a vendor bid of $690,000. Brought to the market price at $765,000 by 3 bidders, a fourth bidder then entered the competition and eventually knocked out the initial bidder, winning the property for $786,000.
Auction wrap from the week ending 11/28/2010
This weekend with 1025 properties offered, 627 sold and 398 were passed in, 263 on a vendor bid. This is 61%, up 4% from last weekend. The high volume of properties continues to provide a number of options for potential buyers. This time last year however, the clearance rate was 78% with 1050 properties being auctioned; this would indicate that other factors are also affecting the clearance rate, perhaps interest rates.
This week Secret Agent looked at 4 very different types of houses.
22 Birkenhead St, Fitzroy North
This single-fronted terrace was located in a tree-lined street not far from busy, versatile Pigdon St and Edinburgh Gardens. Although currently tenanted, little touches such as a detailed leaf rosette in the front bedroom, clothesline tucked away out of sight, and a pretty courtyard indicated that this house had once been loved. The central bathroom and the kitchen could have benefitted from updating, but the pitched ceiling in the living/dining area at the back of the property added interest and a sense of space. Bidding started at $600,000, by an older lady who seemed connected to the terrace next door, and auctioneer Arch Staver apologetically and politely then placed a vendor bid of $690,000. Before long 3 bidders had brought the price up to $765,000 at which time Mr Staver sought instructions from the vendor. The selling agent, Roland Paterson, came back with a sold sticker in his hand, soon to be placed on the Nelson Alexander sign – clearly the house was now on the market! Rapid bidding ensued between the original bidder and a new party, firing $1,000 increases backwards and forwards – the auctioneer announced he would “just stand by” and let the competition flow. At $780,000 the bidding slowed, but the new bidder held firm and wore down the initial bidder, acquiring the property for $786,000.
By contrast, 16 William St, South Yarra was a grand affair, but still a home that felt lived in and loved. Built around 1886, this two-storey, semi-detached house on 880sq mt of landscaped garden had 3 living areas downstairs and 3 bedrooms upstairs, with an extra family/retreat space upstairs as well. For once the additions, most recently done about 14 years ago, were sympathetic to the original style of the house, including the upstairs master bedroom which had a wrought-iron balcony leading from the from the French doors. Whilst the downstairs rooms had been opened up, each space was defined, appealing to some but not all potential buyers (one member of the small crowd commented that he would have to do $500,000 renovations – much more living space was needed for their family of 3). The soft palette of caramels and creams enhanced the polished woodwork throughout. Auctioneer Mark Ridgeway emphasized the location – “in Melbourne’s cosmopolitan heartland” – and turned the awkward silence at the start of the auction into a positive – “listen to those birds chirping, you’d think we were at the base of the Dandenongs”. Apart from the commotion caused by 2 dogs rushing in to the middle of the room, providing a welcome distraction, the opening vendor bid of $4.000.000, then a further vendor bid of $4.200.000 were the only sounds heard in the downstairs drawing room where we were all gathered, and the property was passed in.
28 Brighton St, Richmond had an attractive double fronted Victorian facade and a lovely back garden, but inside needed serious renovation. Billed as a 4-bedder, with a kitchen circa 1950, the sunroom, bathroom, separate dubious toilet and laundry had all been haphazardly added on. St Mary McKillop had once lived in the street; an interesting fact, but not enough to inspire any bidding from the smallish crowd (about 30) who were huddled under umbrellas. Met with silence, Andrew MacMillan, auctioneer, placed an opening vendor bid of $950,000, then joked that moving an umbrella could count as a bid. “I’m very disappointed in you” he admonished the crowd, “An auction is a 2-way system”. All stood mute however and the property was passed in. It’s currently tenanted at $600/week.
By far the biggest crowd (60) attended this auction at 7 Collace St, Brunswick. Whilst the somewhat vomitous apricot paint did not enhance the brick and stucco facade of this Californian bungalow, inside the property contained some original dark wood panelling, deco cornices and rosettes, with the addition of modern unusual cabinetry in the bathroom and kitchen. The same, almost Asian-style cabinetry was evident in the big built-in robes in the main bedroom. Interesting modern light fittings, bright feature tiles in the bathroom and touches of stained glass throughout made this property just that bit different from the ordinary. And the backyard offered a lovely outdoor entertaining area and garden, complete with vegie patch! After a vendor bid of $770,000 3 bidders took the property to $870,000 when it was declared on the market; a lady and a young couple slugged it out after that, towards the end being enticed by auctioneer James Pilliner to offer $1000 bidding increases. $949,000 bought the house for the young couple.