A pair of art deco houses on the same title in the heart of South Yarra failed to sell together at auction on Saturday, passing in on a single $2 million vendor bid.
asserted
pair → fail → bid
50 Lang Street has recently been updated, and includes its own garage, while 52 is ready for renovation, or to be merged into a larger single family home.
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52 → update → home
The property was one of 913 scheduled to go to auction in Melbourne this week.
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property → schedule → Melbourne
By Saturday evening, Domain recorded a preliminary auction clearance rate of 57 per cent from 655 reported results throughout the week, while 81 auctions were withdrawn.
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auctions → record → week
Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
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auctions → withdraw → rate
While last week saw the preliminary clearance rate above 60 per cent for the first time since before the May budget, this week saw it fall below that benchmark – generally considered to indicate a balanced market – and return to the mid-50s, despite peak Spring auction season.
50 and 52 Lang Street had a price guide of $2.1 million to $2.3 million, with a $2.3 million reserve.
uncertain
Street → see → reserve
Marshall White Stonnington agent Jack Fowles said despite passing in on a single vendor bid, “an enormous amount” of parties had got in contact after the auction.
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amount → say → auction
“A year ago, buyers would wait until the ‘halftime break’,” he said, referring to the point at which a bid is taken to a vendor to confirm the property is on the market.
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property → wait → market
“Now it’s more common for properties to pass in, then you see the interest.”
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you → ’ → interest
He thought this left buyers in a more vulnerable, less transparent position, making offers in private rather than competing in an open arena.
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this → think → arena
The property has been converted to private treaty and is now listed for $2,225,000.
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property → convert → 2,225,000
Fowles thought it would sell by early next week, and likely within the range.
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it → think → range
“It’ll be interesting to see what kind of buyer it goes to,” he said, noting while most had looked at the property as a potential single family home, others saw the opportunity to snatch up a prime South Yarra semi with the option of selling the other or keeping it as an investment.
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others → see → investment
Records show the property last sold in 2002 for $775,000.
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property → show → 775,000
The vendors are moving on to their next opportunity, Fowles said.
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Fowles → move → opportunity
In Cheltenham, a three-bedroom home with a rare three-car garage sold for $1.19 million in post-auction negotiations, $10,000 below its $1.2 million reserve.
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home → sell → reserve
54 Elliott Street was listed in “absolute mint” original condition, with the garage a major drawcard for prospective buyers.
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garage → list → buyers
It had a price guide of $1.15 million to $1.2 million.
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It → have → million
The Bayside Group agent and auctioneer Angela Limanis said she had several prospective buyers interested on Friday, with one having inspected five times, but had ended up with just the one couple by Saturday morning.
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one → say → morning
She opened the auction with a vendor bid of $1.1 million, which was followed by a $1.12 million bid from the couple, at which point it passed in.
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it → open → couple
The property quickly sold in negotiations for $1.19 million.
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property → sell → million
The couple were first home buyers and had been renting in the area.
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couple → rent → area
Limanis said the garage had been particularly appealing to the couple as the husband is a plumber and was looking forward to having additional storage space.
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husband → say → space
“The original owner was a plumber as well,” she said.
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she → say → ?
“I think like attracts like in these situations.”
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like → think → situations
The home was sold as part of an estate.
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home → sell → estate
In Yarraville, a white 1950s weatherboard home sold to first home buyers at auction after a soaring $110,000 bid met the property’s $1.15 million reserve.
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home → sell → reserve
55 Gent Street was originally purchased in 2008 by two friends who at first lived there together, before one headed to Sydney and the other stayed on alone.
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other → purchase → Sydney
The three-bedroom house had a price guide of $1.1 million to $1.2 million.
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house → have → million
Jas Stephens agent and auctioneer George Alexander opened the auction with a vendor bid of $1 million, countered by a $20,000 bid from the sole genuine bidder to take the price to $1.02 million.
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Alexander → open → million
After a second vendor bid of $1.04 million, the bidder rocketed the price to $1.15 million on a single bid, bringing the property onto the market and the auction to a close.
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bidder → rocket → close
Despite a $110,000 bid against the vendor, Alexander said there were “no real surprises”.
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Alexander → say → vendor
“He made a pre-auction offer of that amount anyway,” he said.
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he → make → amount
“I knew who the buyer was, and we had discussed it.”
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we → know → it
The purchasers were first home buyers, and were looking forward to walking their dogs in Angliss Reserve, just across the road.
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purchasers → look → road
The occupying vendor has bought nearby.
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vendor → occupy → ?
The Aporia
