A modern three-storey terrace house overlooking a leafy square in Carlton sold at auction for $2,225,000 on Saturday, with two bidders pushing it $125,000 above the reserve.
The three-bedroom, city-edge home at 54 MacArthur Place North was listed with a price guide of $1.85 million to $2 million, and featured a rooftop deck, views to MacArthur Square, and a “move-in ready” modern design.
Marshall White agent and auctioneer David Lettieri said bidding was opened by the under bidder at $1.75 million, and rocketed up with bids of $25,000 for the duration of the auction, quickly passing the $2.1 million reserve before finally selling.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Lettieri said the winning bidders were based in Bendigo and had been looking for a larger base for when they came into the city. The house was sold as part of a deceased estate.
Despite a long weekend and lower clearance rates, Lettieri said the result indicated the market might be healthier than expected.
“If this is a picture of the market, $125,000 above the reserve with two bidders, then obviously it’s pretty good,” he said.
“But it’s a very strategic process now, on every facet of our selling process.”
The property was one of 408 scheduled to go to auction in Melbourne this week.
In East Melbourne, a one-bedroom apartment in an art deco block passed in on an opening vendor’s bid of $550,000, as two prospective first-home buyers failed to bid despite earlier interest.
The north-facing, freshly painted and newly carpeted home at 16/84 Grey Street, with a price guide of $550,000 to $600,000 and a reserve of $600,000, was part of the historic Belgravia Square.
With simple period charm and an affordable price, RT Edgar agent Michael Ebeling said he’d had a lot of interest from first-home buyers, but delays with approvals on the Australian Government 5% Deposit Scheme and concerns about the threat of more rate rises over the coming months had held bidders back.
“I’m confident it will sell early next week,” Ebeling said, noting that he was seeing investors “step back” from the market, which meant focusing campaigns on first-home buyers.
“And many don’t have the money to get a 10 per cent deposit … so you have to be more patient with them.”