Expat beats two rivals for charming $1,745,000 Richmond home

A three-bedroom Victorian weatherboard home looking onto Richmond’s Barkly Gardens sold for $1,745,000 at auction on Saturday, won by the opening bidder.

The two-storey corner home at 266 Mary Street greeted prospective buyers with a lush front garden, exposed timber beams, a small balcony looking onto Burgess Street and a rear courtyard set up for entertaining.

The home had a price guide of $1.5 million to $1.6 million, and Jellis Craig Richmond agent and auctioneer Luke Schickerling opened the auction with a $1,525,000 bid from the eventual buyer.

After some confusion about increments, three bidders rocketed the price up in varying $25,000, then $10,000 and occasional $2000 bids before the home was declared on the market at $1.71 million, which was also the reserve.

There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.

The winning bid came from a man acting on behalf of his sibling, who is living in London. Attending family members, who did not give their names, said the rest of the family already lived in Richmond.

The underbidders were a young couple who were also looking to move into the area.

“It’s probably a testament to the location,” Schickerling said, noting neighbouring Richmond Primary as well as the park. “This is one of the most tightly held parts of Richmond.”

The property last sold in 2004 for $520,000. Schickerling said the vendors were moving to South Melbourne once the property settled.

The property was one of 1160 scheduled to go to auction in Melbourne this week. By evening, Domain Group recorded a preliminary auction clearance rate of 58 per cent from 783 reported results throughout the week, while 128 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In the north, a three-bedroom red-brick Epping home on a large block sold for $785,000 in negotiations after passing in.

The single-storey, double-garage house at 48 Manor House Drive featured a tiled open-plan entertaining room, generous floor space and a covered rear deck. It had a price guide of $700,000 to $760,000.

Bidding opened at $700,000, and two bidders competed until the property was passed in at $760,000, Ray White South Morang agent and auctioneer Nick Petrovski said.

He said the winning bidders were first home buyers, and landed on the $785,000 reserve in post-auction negotiations as the final sale price.

“[The buyers were] a delightful young couple currently living closer to the city,” Petrovski said. “And they’re now laying down roots in Epping.”

He said the vendor was moving closer to Langwarrin, having previously rented the property out while working as a fly-in, fly-out worker.

In Toorak, a light-filled art deco apartment sold for $1.32 million in post-auction negotiations, having been passed in after just one bid.

The three-bedroom first-floor apartment at 4/405 Toorak Road was one of four in a boutique block, and had a price guide of between $1.2 million and $1.32 million, with a reserve of $1.3 million.

RT Edgar agent and auctioneer Lachie Fox said bidding opened at $1.21 million, but the apartment passed in with no further bids.

The price was negotiated up to $1.32 million, at the top of the guide and $20,000 above the reserve.

Fox said three potential bidders had been whittled down to one, as two parties were unable to secure financing before the auction. Both attended to see if the property went back on the market after the auction.

The buyer was a downsizer from Bentleigh who wanted to move closer to the city, Fox said, and “fell in love with the art deco style” and the well-lit open spaces throughout the large floor plan.

Fox said the vendor owned the block of four apartments and had previously tried selling the whole building as an investment opportunity, but was now selling each apartment individually.

In Reservoir, a two-bedroom modern townhouse sold for $785,000 at auction, with four bidders pushing the price $85,000 over the reserve.

The two-storey home at 3/107 Barton Street was “lakeside Reservoir”, Ray White Preston agent and auctioneer Ian Dempsey said, and was minutes from Edwardes Street shops while still in a “quiet, peaceful pocket”.

It had a price guide of $670,000 to $700,000.

Dempsey said bidding opened at $640,000, and increased in $20,000 increments before clearing the $700,000 reserve, and then progressed in $10,000 and then $5000 bids.

A young woman was successful in buying her first home, having just moved out of a nearby rental. She outbid a young couple and a buyer’s advocate.

Dempsey said the vendors sold after buying a larger property locally and were happy with the result.

“It sold like a three-bedroom, not a two-bedroom, really,” he said, noting the buyers had been enticed by the large living area.

He said it was a good result, given a lack of certainty in the market and a general feeling that buyers were “tightening their belts” given interest rates and the cost of living.