“The buyer did a knockout punch of $50,000 … and obviously that secured it,” Currie said.
Currie said momentum in the real estate market is building.
“We turned the corner probably a month ago, mid-February. We really started to notice it, even before the rate cut. The market was starting to move,” he said.
In Cheltenham, a four-bedroom home sold for $1.15 million to a young fitness-focused couple drawn to its proximity to the beach.
The auction at 42 Snowdon Drive had three bidders and a crowd of 70.
The underbidder was a young family who inspected the home for the first time that morning.
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Listed with a price guide of $1.05 million to $1.15 million, the home had a reserve of $1.15 million.
Bidding opened at $1 million, climbing quickly in $25,000 increments before slowing down, until the opening bidders secured the home.
Ray White Bayside Group’s Kevin Chokshi said the buyers, both avid runners, had previously rented in Armadale and chose the home for its access to running routes.
“They run triathlons and wanted to be close to Mentone Beach,” Chokshi said. “They timed how close the property is to the beach and it’s exactly three kilometres. Then they run to Brighton and Black Rock.”
Chokshi said the market has been strengthening in recent weeks.
“Historically before and after an election is a great time to buy because it’s the honeymoon period of an economy when either the government’s either making lots of promises or they’re trying to deliver on a few of them.”
A renovated four-bedroom Northcote home fetched $2.83 million after a heated contest between two bidders.
The house at 9 Peel Street had a price guide between $2.5 million and $2.7 million.
Both bidders were mature professional couples who had been searching for a property for months.
Sam Rigopoulos from Jellis Craig Northcote said the bidders “stole the show” and “didn’t leave much room for anyone else to get involved”.
“We had an opening bid at $2.6 million. The reserve was $2.7 million, then it bounced quickly. It was declared on the market. From there, the two buyers went hammer and tongs until they ran out of puff,” he said.
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The winners were attracted to the house for its location, renovation and closeness to Fairfield’s shopping strip.
“Turnkey homes that are well-located have been performing well. They’ve been the solid pillar of the market for some time,” Rigopoulos said.
In Frankston North, eight bidders competed for a three-bedroom home, which sold under the hammer for $673,000, well above its $540,000 reserve.
The auction at 16 Burdett Street drew a crowd of nearly 140 people, a mix of first-home buyers and investors.
With a listed price guide of $530,000 to $583,000, the winners were two brothers purchasing their first home with the support of their parents. They outbid another local buyer.
Mark Burke from OBrien Real Estate Frankston said strong interest in the home was driven by its big land size and wide driveway.
“Someone started the auction at $610,000 … We were expecting three or four bidders, so eight was good,” he said.
Burke said buyer demand has surged recently.
“There’s definitely been a lot more interest in the last two to three weeks.”
