Saturday auctions: ‘Powerful’ virtual auctions score solid results for vendors

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Two dilapidated inner-city homes fetched big bucks in Sydney today, while ‘powerful’ virtual auctions scored solid results for Melbourne vendors.

Latest realestate.com.au auction data shows New South Wales has a clearance rate of 72% for the week to date, while Victoria’s preliminary clearance rate currently stands at 71%.

Here’s what happened in the auction capitals today.

This house at 8 Raleigh St in Thornbury sold above reserve at auction today. Picture: realestate.com.au

Melbourne

A semi-detached Edwardian, in the thriving inner-north suburb of Thornbury, sold for $1.275 million at an online auction this morning, well above the reserve of $1.15m.

Three bidders vied for the renovated three-bedroom home at 8 Raleigh St, which garnered attention for its location and elegant blend of period and contemporary style.

Robert Enes, of Nelson Alexander Northcote, said the return to virtual auctions has been no deterrent to buyers, who are in fact “really embracing the concept”.

8 Raleigh St was well renovated and presented for auction. Picture: realestate.com.au

“It’s an extremely transparent process and they appreciate there’s not a large crowd of peering eyes watching them, so it’s actually been really powerful,” Mr Enes said.

“At an onsite auction, the crowd usually expects a halftime break but [online] we’re just getting down to it. It’s over and done with quickly and vendors are getting a good result.”

Remarkable bidding from six groups pushed a 1990-built Canterbury house to sell $420,000 above the reserve price today.

The Canterbury property sold an eye-watering $420,000 beyond vendor expectations.

While in Ascot Vale, four groups placed more than 100 bids on 159 Kent Street, which eventually sold to a young couple for $1,332,500 – securing the seller a premium of $82,500.

About 50 bids were placed before the four-bedroom house at 53 Alexandra Avenue fetched $3.17 million for its vendors.

Read here for more of today’s Melbourne auction coverage.

Sydney

A historic but derelict Waterloo terrace, listed as “not for the faint hearted”, sold at auction today for an $1.01 million.

The two-bedroom house on Morehead St had gone to market with an $850,000 guide and $900,000 reserve but sold for $110,000 over expectations after 15 buyers registered to bid.

The derelict terrace in Waterloo sold for $110k above reserve. Picture: realestate.com.au

The terrace was built in the 1880s and held by the same family for close to 80 years.

Another rundown property had a successful auction today – a burnt inner west home and alleged former drug lab sold for nearly $500,000 over the reserve price.

The fire-damaged house on The Parade in Enfield had no roof and went under the hammer with a $920,000 reserve. It was secured for $1.38 million in front of a crowd of about 70 people.

5 Manchester St, Dulwich Hill sold for $1.43m under the hammer. Picture: realestate.com.au

Elsewhere in the inner west, a beautifully presented three-bedroom home sold under the hammer for $1.43 million, above the $1.35m reserve.

David Diamantopoulos, from Devine Real Estate Marrickville, said it was a “steady” auction of three bidders, which reflected the current climate of keen and organised buyers.

“There was no waiting for an opening bid, but not fast and furious, just reasonable, steady bids. Strangely enough, despite everything that’s going on, we’re finding it’s just business as usual,” he said.

“Whoever is out there looking, they’re proper, deadset buyers and are ready to go.”

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