Family wins the keys to $1,819,000 inner-north terrace with park views

A family has triumphed in a head-to-head contest at the auction of a traditional Carlton North terrace.

The double-storey Victorian at 679 Rathdowne Street sold under the hammer on Saturday for $1,819,000, after a campaign with a price guide of $1.7 million to $1.79 million.

The family edged out a professional couple, the only other bidders, for the keys to the four-bedroom home, one in a row built about 1882.

“I would say the buyer was cool as a cucumber and showed zero emotion, but once he got inside, the smiles came,” agent and auctioneer James Pilliner from Nelson Alexander Carlton said.

“He was representing the family, and they’re really happy to be moving.”

The auction attracted a crowd and was slow to ignite, so Pilliner threw out a lifeline.

“I called for an opening bid and didn’t get one, so I asked for an opening price of $1,675,000,” he said. “Often that’s a good way to get people to start because I don’t like to yell it out in front of 100 people.”

Bidding progressed in $10,000 increments, tightening to $5000 bids when the $1.77 million reserve was reached, and Pilliner announced the home was on the market.

The property was attractive for its village position, park views and potential to add value, Pilliner said.

“It has a 1980s kitchen and bathroom, and the buyers weren’t put off by having to fix that up.”

Pilliner’s office donated its fee to charity through the Nelson Alexander Foundation, which was doing fundraising at auctions on Saturday.

The property was one of 714 scheduled to go to auction in Melbourne this week.

In Rowville, a four-bedroom brick house with a pool at 23 Kilcunda Drive sold under the hammer for $1,336,000, after the agents and vendor chose to disclose the reserve price weeks before the introduction of a new rule.

From October 1, property ads in Victoria must reveal the reserve at least seven days before an auction or fixed-date sale.

The property had a reserve of $1,325,000.

Agent Jack Rickard from Ray White Ferntree Gully said five parties indicated they would participate in the auction if the reserve was between $1.3 million and $1.35 million, and others ruled themselves because their budgets were about $1.2 million.

“In this market, transparency is probably more important than ever before,” Rickard said.

“We wanted to show the market that if you do the right thing, and you don’t play games, you can still sell a property at or above the reserve. It was a really nicely presented property and the owners left no stone unturned.”

The three active bidders were families and “gun shy” at first, Rickard said.

Auctioneer Fabian Sanelli launched proceedings with two vendor bids of $1.25 million and $1.27 million. The first live bid was $1.29 million, and bidding accelerated in increments mostly of $10,000. The momentum slowed after passing the reserve, finishing on a $1000 bid.

Rickard said buyers had found their “forever home” after selling their previous property and renting nearby.

In Mentone, a newly engaged couple secured the keys to a renovated period home for $1,345,000, landing $95,000 over the $1.25 million reserve.

The stylish three-bedroom weatherboard at 2 Alvena Street had been transformed inside and out, and was advertised with a range of $1.2 million to $1.3 million.

Ray White The Bayside Group auctioneer Kevin Chokshi started with a vendor bid of $1.1 million, and $25,000 genuine bids were soon flying. Chokshi said there were “no signs of nerves”.

Bidding slowed when the reserve was met, and picked up again before Chokshi dropped his gavel.

The underbidder, the only other bidders, was also a young couple.

“We did have a couple of downsizers in the mix through the campaign, but the young couples were just too sharp at the bidding and no one else really got a chance,” Chokshi said.

He said the buyers appreciated the home’s finishes.

“They fell in love with the craftsmanship and the renovations by the owner, who is a builder. It came down to the smallest of things, like the front door, which was sourced from an old period home to suit the property.”

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Emily Power is a freelance writer.AdvertisementAdvertisement