A fully renovated, three-bedroom home in St Kilda East sold for $2,275,000 during a highly competitive auction that saw four professional couples engaged in a bidding war. The property, located at 12 Murchison Street, features a double-fronted Edwardian facade and a spacious backyard. Initially guided at $1.7 million to $1.8 million, the home had a reserve price set at $1.92 million, according to Katie Ryan, lead agent at Jellis Craig Port Phillip.
The auction took place on a rainy Saturday morning, which did not deter bidders from participating in nearly 60 bids before the final price was reached. Ryan noted that the home’s turnkey appeal significantly contributed to its popularity. “This house went really well because people could walk in and not have to do anything,” Ryan explained. The well-styled presentation allowed prospective buyers to easily envision themselves living there without the need for renovations.
The St Kilda East auction was part of a busy week in Melbourne, with 921 auctions scheduled. Ryan observed a trend of improving market conditions, driven by lower interest rates and positive sentiment among buyers.
Developers Show Interest in Mount Waverley Properties
In a separate auction in Mount Waverley, a local developer successfully purchased a four-bedroom 1960s house for $1,735,000. The home, located at 44 Park Lane, is set to be transformed into two townhouses. The property was listed with a price range of $1.6 million to $1.7 million and featured a reserve price of $1,725,000.
According to Jacob Biviano, lead agent at Ray White Mount Waverley, the auction was particularly emotional for the sellers, who were selling the home on behalf of their mother, who is moving into aged care. The bidding competition included another local developer and an owner-occupier, highlighting the growing interest in the area.
Biviano remarked on the increasing popularity of Mount Waverley as buyers recognize that it is not as saturated as nearby Glen Waverley. “In the past month, we’ve seen a lot of growth in the local Mount Waverley area, averaging four to five bidders at auctions,” he noted. This uptick in activity indicates a broader trend of more buyers entering the market, as confidence in the real estate sector continues to strengthen.
The results from both auctions reflect a dynamic property market in Melbourne, characterized by competitive bidding and a rising interest in well-presented homes.
