Melbourne auctions: Tears of joy as Cardinia hobby farm sells $625,000 beyond reserve
A Cardinia family sold their hobby farm at 2005 Pound Rd for $2.075m.
A hobby farm in Cardinia’s green wedge fetched $625,000 more than reserve in a record-breaking auction week for Victoria.
An unprecedented 2480 properties went under the hammer last week, according to the Real Estate Institute of Victoria.
It followed a record 2090 auctions held the week prior, which trumped the state’s previous record set in 2017 when 1796 auctions were held in just seven days.
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The home sits on a 2ha block in the green wedge.
Open fireplaces and polished floors are charming features.
The sale smashed the reserve by $625,000.
The REIV recorded a preliminary clearance rate of 74 per cent last week based on 1295 results. There are 2140 auctions scheduled this week.
Ray White agent Gavin Staindl said a family shed tears of joy when their five-bedroom home on a 2ha block at 2005 Pound Rd, Cardinia, sold for $2.075m on Saturday.
Five bidders battled it out for the weatherboard homestead, with about 100 bids carrying the sale to its result from an opening bid of $1m.
“I thought the reserve was too high,” the agent said. “We had a quoted range at $1.25m-$1.35m, that’s what we agreed on before we went on the market.
A quaint country-style kitchen.
A freestanding bath and wooden vanity are on show in the bathroom.
“In the end it went to a buyer who owns property locally.”
Mr Staindl said the buyer, a local landholder, offered the vendors about $1m for the block two years earlier but they refused.
On the day he was forced to up his offer to knock out other bidders.
“I think he’s got a bit of a vested interest in the property around it. In due course this will probably become part of the precinct structure plan out here for residential development,” Mr Staindl said.
“It’s green wedge property, it can’t be developed. It is a speculative buy, but I think it’s a good speculation to assume.” The vendors sold up to downsize.
No. 45 The Ridge, Canterbury, sold for $6.5m.
The striking glass atrium ceiling was a drawcard.
Huge windows give the indoor living area a great view of the garden.
A knockout $190,000 bid scored a couple the keys to a luxury Canterbury abode on Saturday.
The $6.5m sale of 45 The Ridge was one of Melbourne’s most expensive sales of the week and eclipsed the $6.3m reserve by $200,000.
The residence, which has a striking glass atrium roof, drew seven bidders.
Kay & Burton director Scott Patterson said the stylish design and extra wide 1050sq m block were two of the biggest drawcards.
He was about to call the property on the market when a couple swooped in with the staggering six-figure rise.
“Their tactic was to hold back until the last minute,” the agent said.
The buyers were literally jumping with joy.
The abode sits on a wide 1050sq m block.
“When the hammer came down, they were literally jumping for joy. They were jumping like the Toyota ad.”
A pre-Federation era farmhouse at 192 Doncaster Rd, Balwyn North, failed to attract a buyer, but Jellis Craig agent Andrew Shen said he was confident a buyer would be found by Christmas.
One $1.56m bid was made for the 1857-built stone abode, which has reserve a $1.8m reserve.
Mr Shen said the property was heritage protected and could cost up to $400,000 to renovate.
He is currently negotiating with interested parties keen to update and live in the home.
The old farm house at 192 Doncaster Rd, Balwyn North., passed in on Saturday.
It is the oldest house in Boroondara.
High ceilings and chandeliers are drawcards.
“You cannot knock down the building, we all know that. And of course you have to preserve the stone brick because this house is the oldest home in the entire Boroondara area,” Mr Shen said.
“People have been coming from all over Melbourne wanting to restore it … it’s just we didn’t have the momentum at the beginning of the auction, so people were holding back.”
The vendors bought the property in May 2014 for $1.11m and left it largely intact.
They had since moved back to China and had no intention of returning to Australia, Mr Shen said. Realestate.com.au recorded a higher preliminary auction clearance rate of 82 per cent for Victoria. This was based on 1121 results.
The 1857-built property is heritage protected.
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