A prestigious four-bedroom home in Hawthorn East sold for $5,051,000 at auction on Saturday to a buyer who wanted to be close to their friends and family.
The Tuscan-inspired home at 36 Tourello Avenue was built 20 years ago by the owners who are now downsizing, and came with manicured gardens and luxury finishes throughout.
Five buyers participated at the auction, all families attracted to the pristine location.
Bidding opened on a vendor bid of $4 million which was also the beginning of the property’s guided range of $4 million to $4.4 million. Bids were slow initially, placed in $50,000 rises until the price sailed past its reserve of $4.4 million.
The price then rose in increments of $20,000 and $10,000 until a final $500 bid sold it under the hammer for $5,051,000.
“There were five bidders and it just went crazy gangbusters,” said auctioneer Leor Samuel of Gary Peer, who sold the home with colleague Dizzy Wang.
“It was really slow going initially, and then once the bidding started and it just sort of took off and became a non-referral auction in the end,” he said.
The location was a major drawcard in a pocket of Hawthorn East close to parks, quality schools and shops, he said.
“Single-level Tuscan inspired with all the contemporary benefits, poolside living and fabulous alfresco.”
The address last traded for $620,000 in 1999, records show.
The property was one of 600 scheduled auctions in Melbourne at the weekend. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 59.2 per cent from 436 reported results, while 68 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Ivanhoe, a four-bedroom 1920s Californian bungalow at 4 Toora Street sold for $2.05 million, meeting its reserve. The beautifully presented property was guided between $1.9 million to $2.05 million.
Three bidders were in the crowd. Bidding opened at $1.9 million then one buyer added a $20,000 bid. The property then passed in on a genuine bid of $1.92 million. Two buyers attempted to negotiate afterwards, but negotiations were only able to be made with the one bidder who put his hand up. The family home sold for $2.05 million post-auction.
Selling agent Gordon Hope from Miles Real Estate Ivanhoe said the nicely renovated residence was a quintessential Ivanhoe home.
“It was a 1920s California bungalow, which is a landmark type of architecture within the area… there was not much to do, [it had] turnkey proposition which a lot of buyers are wanting at the moment,” he said.
“Location was very central to the private school belt in the area as well as Ivanhoe train station and shopping village.”
Both the buyers and the vendors are young professional families. The vendors will be moving closer to family.
The home last traded for $1,955,000 in 2021, records show.
In Newport, a charming three-bedroom cottage at 2 Lloyd Street with a guide of $900,000 to $950,000 passed in on a vendor bid of $900,000. The reserve on auction day had been $925,000.
Two buyers, who had inspected the property next to the train line several times, attended the auction, but did not make any offers.
Selling agent Anthony Christakakis from Jellis Craig Inner West was not concerned that the home had passed in and will continue to negotiate with buyers this week.
“It’s not uncommon that properties don’t sell under the hammer. They will generally sell in a couple of weeks out,” he said.
“Gorgeous little facade, really good land size, extremely good value for a property, and it’s currently rented out, which is handy. And it’s ideal for future… townhouses development.”
AMP’s chief economist Dr Shane Oliver said the clearance rate of 59.2 per cent was surprisingly weak.
Oliver said the Melbourne property market was looking softer and softer.
“Melbourne also saw a pick-up in listings from a year ago, they’re up about 30 per cent,” he said.
“You’re seeing a bit of a step-down in Melbourne clearance rates over the last few weeks as it goes into winter, whereas the continuing high interest rates with the talk and high risk that there’ll be further hikes is obviously a drag on prices. And that’s clearly evident in Victoria.”