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Productive Buyer on The Block Sells Hampton East Home for $3,245,000, a $1 Million Loss

Vaseline 2 months ago

“Let it go!” Portelli said with a wave of his hand.

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From there, another $90,000 worth of bids were placed before the sale price was reached.

The auction lasted thirty minutes from start to finish. Eliza and Liberty, the sisters who renovated the house in the TV show, gave the buyers, Simon Farkona-Adams and Betty Lee of online beauty company Boo Beauty Bar, a tour of their new home.

Aaron Hill, of Ray White Sunbury, said the house was furnished with appliances and was never slept in.

“(If) it was a normal house in Hampton East, $3 million is very difficult to reach. And it got more than that. So we are very happy.” said Hill.

The property was one of 801 scheduled for auction in Melbourne this weekend.

By evening, Domain Group recorded a preliminary auction rate of 68 percent based on 578 reported results, while 55 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In Glen Waverley, a brand new five-bedroom house, located at 25 Winston Street, sold for $210,000 more than its $3.8 million reserve, at $4,010,000.

Five buyers registered and all placed bids at the auction, which was held outside the gate with 100 spectators. Bidding started at $3.5 million with bids ranging from $50,000 to $10,000. A local family who came from a nearby suburb won the auction.

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The seller was a developer who had demolished the old house. The address last traded in 2022 for $1.48 million.

Lily Chen from Jellis Craig Monash said demand for good quality construction was still high.

“Glen Waverley is a convenient suburb for shopping, transportation and good schools, so that’s why it can reach that price point,” Chen said.

In Fitzroy, a two-bedroom townhouse at 120 Rose Street came in at a seller’s bid of $1,050,000. It was sold during post-auction negotiations to a couple who bought a house first for $1,090,000.

Two others were interested but did not raise their hands. One party had no financing ready and the other was downsizing, said Jellis Craig Fitzroy listing agent Johanna Doherty.

The building was directly opposite Croissanterie Lune and those waiting in the infamous line watched the auction.

Doherty said this property is really about the location.

“You have a whole range of every conceivable type of food you could want to eat… You can walk to the CBD quite easily,” she said.

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“It had a double garage… And it’s very unusual to even get an off-street parking space in many places in Fitzroy.”

The mansion last traded for $465,000 in 2003, records show.

AMP chief economist Dr Shane Oliver said the weekend clearance rate of 68 per cent was a surprisingly strong result.

“It is an improvement compared to the week before, we reached approximately 59.6 percent. So Melbourne saw a small uptick. I tend to think it’s a bit of an anomaly because Melbourne has been weakening for most of the year.”

“Strong population-driven demand for housing, but offset by high interest rates, continues to weigh on the real estate market and I think this largely explains the downturn we have seen,” Oliver said.