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Key points
- A Kensington terrace sold for more than its price guide after passing in.
- An Albert Park terrace sold for $2.13 million under the hammer.
- There were 518 auctions scheduled in Melbourne for Saturday.
Property listings
A Kensington terrace passed in at auction on Saturday after slow bidding spooked otherwise keen buyers, until its eventual sale through negotiations.
When Jellis Craig auctioneer Jerome Feery called for bids for the renovated three-bedroom investment property with a stylish outdoor entertaining area at 31 Smith Street, the crowd was silent for some time.
Feery made two vendor bids, at $1 million and $1,025,000, before bidders came to the party.
Even still, the auction was slow. The first genuine bid was for $1.03 million, below the quoted price range of $1.05 million to $1.15 million.
Three bidders took part and eventually brought the price to $1,085,000, before the home was passed in.
The home sold then to the highest bidder after about 30 minutes of negotiations. The buyers, a family from Eaglemont, paid $1,187,500.
Jerome Feery auctioning the house at 31 Smith Street, Kensington on Saturday.Credit: Simon Schluter
Jellis Craig listing agent Simon Mason said the buyers were happy to work with the vendor to reach a fair price, but were put off by the lack of social proof at the auction.
“They were uncertain because others were slow to act,” he said.
Feery agreed. “I think it’s just that it’s that domino effect,” he said. “Just getting that first hand in the air is the big thing.”
Buyers were interested in the property for its turn-key renovation, Feery said.
Buyers paid more than the quoted price range, despite the property passing in at auction.Credit: Simon Schluter
“It’s a beautiful Victorian terrace, with a nice north-facing backyard, full renovation,” he said. “We’ve got the beautiful outdoor built-in barbecue, gas fireplace, and a big master bedroom upstairs.
“There’s some pretty impressive views out towards the city and the block itself is just shy of about 150 square metres.”
The Kensington auction was one of 518 scheduled across Melbourne on Saturday.
In Albert Park, another three-bedroom terrace sold after a short and sharp auction.
The like-new house at 34 Herbert Street was renovated nearly 20 years ago, but still had a modern feel.
“It was fully rebuilt in 2005,” Belle Property listing agent and auctioneer David Wood said while calling the auction. “That means everything inside, except the real estate agent, is under 20 years old!”
A buyers’ advocate opened bidding at the bottom of the quoted price range of $1.95 million to $2.1 million. Two other bidders quickly joined and pushed the price to $2.13 million, in mostly $10,000 increments.
After briefly conferring with the vendor, Wood sold the home to a family for that price.
“I think it’s a terrific price, it’s a tightly held area of Albert Park,” he said. “We had good interest up towards $2 million, but beyond $2 million was going to take some competition, and that’s where we got to today.”
Wood said buyers liked that the renovation included a spacious, second living area on the second floor.
“It’s a big home office, or it’s a big living space, and it’s tucked in behind the facade,” he said. “So you don’t see it from the front of the street, which is one of the delights of these period houses.“
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