Moonee Ponds home sells for $1.54m after auction as rising rates cause concern

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One of the biggest results of the long weekend was on the Mornington Peninsula, where a four-bedroom home sold under the hammer for $4.55 million, $1.05 million above of the reserve.

Three bidders competed for the property at 69 Bass Street, Flinderswhich overlooks Flinders Golf Course.

The auction opened with a seller’s offer at the reserve price of $3.5 million, which was followed by a strong bid, said Ruth Williams, sales agent for Kay & Burton Flinders.

“It was a hotly contested auction with three enthusiastic bidders and 120 people in attendance,” Williams said. “The buyer is an avid surfer and will enjoy the property as a weekend vacation home with his family overlooking Mushroom Reef.”

Williams said that while buyers were more cautious at auctions, there were still strong results for unique lifestyle homes along the peninsula, which had helped “isolate” the area during auctions. past slowdowns.

Closer to town, but still on the coast, a 1950s-style three-bedroom house in 1/31 Munro Ave, Edithvale, passed before selling for $930,000. It had a price guide of $899,000 to $970,000.

Bidding started at $880,000, with bids stuck at $920,000. The property passed a seller’s offer of $930,000, which the end buyers, a local family, matched after the auction.

OBrien Real Estate Chelsea sales agent Kimberley Ferguson said more buyers held back as the market changed.

“There are a few people who want to be a little more cautious,” Ferguson said. “But there are a lot of people who need to buy, they’re about to start a family, or they’ve separated, or they have pre-approval and want to get in while they can.”

Although rising construction costs are deterring many buyers, not all are backing down. A defunct estate in Blackburn North has been salvaged by a developer for $1.29 million – $130,000 above reserve.

Allan Smith, auctioneer for Ray White Blackburn, said six active bidders competed, the buyer of the four-bedroom house in 67 Koonung Roadconsidering tearing it down and subdividing the block.

“We are in ‘a correcting market’ and no one knows what the future holds, but there is no drastic price reduction underway,” Smith said.

In Abbotsford, a three-bedroom house that had been an investment property sold under the hammer for $1.31 million, above the $1.21 million reserve. Two bidders competed for the house at 20 Yarra Street, Abbotsfordwith a local family buying the house.

The auction opened with a seller’s bid of $1 million as buyers kept their cards close to their chests, but a follow-up bid of $50,000 then sparked competition.

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Jellis Craig Richmond’s sales agent, Luke Schickerling, said the auction was “really good” despite what was going on in the market.

“If people want to buy, they will buy, especially while there is still money,” Schickerling said.

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