A 45-year-old family home in Bentleigh East sold for $1.8 million at auction after a competitive bidding war between three buyers. The two-storey, four-bedroom converted bungalow at 4 Wallace Street had a price guide of $1.5 to $1.6 million.
The property, extended in 2000, featured a new kitchen, solar panels, and water tanks, while retaining its original timber skirting and floorboards. Bidding started at $1.5 million, quickly reaching the $1.6 million reserve on the second bid.
Bidding war pushes price $200,000 over reserve
A young couple narrowly outbid a pair of investors, with increments as small as $2,000 and $5,000. Ben Quigley, Woodards Bentleigh agent and auctioneer, said the result reflected the home’s value and the vendors’ efforts. “They deserve it,” he said.
The vendors, retiring to Gippsland, expressed mixed emotions. “It’s been a great place to bring up our daughter,” they said. “If we could pick this house up and move it, it would be wonderful, but you can’t do that.”
Melbourne’s auction market shows resilience
The sale was part of 1,257 auctions scheduled in Melbourne that week. By evening, the Domain Group recorded a 66.4% preliminary clearance rate from 955 reported results, with 95 auctions withdrawn. Withdrawn auctions are counted as unsold properties in the clearance rate.
In Alphington, a three-bedroom townhouse at 4/8 Coate Avenue sold for $1,575,000, exceeding its $1,375,000 to $1.5 million guide. The home, part of a gated estate, features four-metre-high ceilings and a chandelier.
Bidding started at $1.4 million, with two bidders pushing the price up in $10,000 and $20,000 increments. Michael Lang, Savills auctioneer, said the pace quickened after passing the $1,485,000 reserve. A couple in their 50s won, narrowly beating a younger professional couple.
Renovated properties fetch premium prices
In Fitzroy North, a renovated former milk bar at 558 Rae Street sold for $5.1 million, nearly $1 million over its reserve. The four-bedroom Victorian weatherboard, updated by Kennedy Nolan, features a landscaped courtyard and exposed concrete and timber details.
Bidding began at $3.2 million, with a vendor bid of $3.9 million sparking rapid increases. Mark Verrocchi, Nelson Alexander Fitzroy auctioneer, said the “rapid fire” pace led to a quick sale. The buyers, a young family, already had siblings in the area.
In Coburg, a former laundromat and grocery at 105 Munro Street sold for $1.13 million, almost 15% over reserve. The three-bedroom Edwardian, with Baltic pine floors and a timber dining nook, had a guide of $900,000 to $990,000.
Jarrod Couch, Barry Plant auctioneer, said bidding began at $910,000 after a vendor bid of $900,000. A couple won. The vendors, who moved to NSW to retire, had been renting out the property.
