Buyers are losing millions on properties in Melbourne without ever setting foot inside as demand continues under the hammer.
A beloved Beaumaris home owned by the same family for 35 years won a prize at auction on Saturday and sold for more than $ 2 million. Invisible.
At least five bidders battled for it in mid-century housing on Mariemont Ave 14, despite not physically inspecting it.
Belle Property Sandringham director Stephen Tickell said bids for the “retro” 1957-built cream house were kicked off with $ 1.6 million, which immediately put the property on the market.
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He said the “rare” offer had hit buyers everywhere, including those who were happy to renovate it and others who were planning to knock it down or develop the land.
A potential buyer set from as far away as Dubai, Mr Tickell said.
But it eventually sold for $ 2.02 million. To a couple who “loved the inherent charm” of a bygone era.
“They really loved that aspect of it and were looking to renovate and add an extra bedroom,” Tickell said.
“It’s not an oversized block, but it’s an excellent beachfront location on a triangular avenue.”
Mr Tickell added that it was becoming increasingly impossible to buy property in the Gulf suburb for less than $ 2 million.
The four-bedroom property is framed by floor-to-ceiling windows and has a large and spacious living room, separate dining area and large backyard.
On the Mornington Peninsula, Ray White Rosebud Director Craig Bennie and listing agent Shane Fox sold five properties in a series of consecutive auctions Sunday.
They included 22 Flamingo Road in Capel Sound, which attracted a sale price of $ 903,000 and 10 Surrey St, McCrae, which sold for $ 748,000.
“They exceeded all reserves,” Bennie said.
He said one bidder was so set on grabbing a piece of local real estate that she put her hand up on three of the five sales but was “pipped on the post”.
And across the city in Watsonia, 1/27 Richards Ave sold for $ 1.05 million. Before the auction, as the demand for properties continues to rise.
Barry Plant North East group’s David Moxon said the outer northern suburbs were “going through the transition phase” that attracted new buyers.
“You see it with a lot of suburbs over the years,” he said.
“Retirees and empty nesters are moving out, there is the beginning of trendy cafes and there is a generational change.”
Sir. Moxon said the real estate industry was heading into “reset mode” before a busy end to the year.
“For buyers, I just think there are going to be a lot of choices, the market is starting to feel like it’s almost time,” Moxon said.
“But I think demand will definitely match and be stronger than supply, regardless of whether there will be more inventory available (than usual for that time of year).”
Ray White chief economist Nerida Conisbee said buyers continued to reassess their property priorities as a result of Covid-19 blockades.
“Being very stuck at home is hard, but more challenging if you do not have enough space to easily work or study,” Ms Conisbee said.
She added that “living in a large house in the outer suburbs is still far more affordable than an inner city terrace”.
It comes as restrictions on on-site auctions in the Victoria region were once again scrapped so homeowners and buyers could see properties in person.
The state recorded a preliminary clearance of 90 percent from the 123 auction results reported to realestate.com.au.
CoreLogic recorded an early clearance of 54.4 percent for Melbourne from 510 results from the 554 originally planned.
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Originally Released as Buyers of ‘Retro’ Beaumaris Homes Fall $ 2 Million Plus without inspection