A family gave up $ 2.02 million for an elegant Thornbury house at auction on Saturday, the last weekend before property taxes rose on some homes.
The renovated three-bedroom home at 108 Woolton Avenue broke its reserve of $ 260,000 after four bidders clashed.
It was one of 1,267 auctions scheduled in Melbourne on Saturday, a busy day after some sales were postponed following the recent breaker lockout.
108 Woolton Avenue, Thornbury VIC 3071
Auctions started at $ 1.6 million, the price guide’s low of $ 1.6 million to $ 1.76 million.
It was countered very quickly with an increase of $ 100,000 to $ 1.7 million, said Jellis Craig’s sales agent and auctioneer Sam Rigopoulos.
The auction then rose in increments of $ 20,000 and $ 10,000 before selling for $ 2.02 million to a family moving from a nearby northern suburb.
“It was a great result,” said Rigopoulos.
“I think this could be one of the strongest sales on this side of St Georges Road.”
He also sold a three-bed fronted house in Northcote for $ 1.81 million to a young couple.
The 29 Charles Street house had a guide of $ 1.5 million to $ 1.65 million and drew three bidders, beating its reserve of $ 1.7 million.
29 Charles Street, Northcote VIC 3070
He had scheduled auctions on Saturday, but five have been sold before.
“It looks like the demand from buyers is very strong at all prices,” he said. “Each price level had several bidders.
“Unless enough stock arrives to meet demand, it’s very likely that prices will continue to rise. “
The stamp duty will increase from July 1 for real estate sales over $ 2 million, but he said this has not yet had a big impact on buyers, although it could turn out to be a problem in the future.
For properties under $ 1 million, a temporary pandemic stamp duty rebate will end on the same date.
This was a selling point for a renovated cottage in Seddon, listed with price hopes of $ 870,000 to $ 940,000.
Two bidders competed for up to $ 920,000 at the 105 Williamstown Road auction before the house was handed over and sold by negotiation for $ 980,000.
105 Williamstown Road, Seddon VIC 3011
A first-time home buyer aware of the tax cut won the keys, said Jas Stephens’ listing agent Tate Moore.
“It was a big driver for this particular buyer,” he said. “This seller has entered his bid in pencil for this date [because of the tax change]. “
Mr Moore recently saw a few auctions selling for under $ 1 million and said the market has been strong with no impact since the last foreclosure.