Young couple acquires bungalow in Brunswick for $2,156 million

Real estate agents say desirable homes in desirable suburbs are still selling well despite the weakening market.

In Brighton East, a first-time home-buying couple made high bids to buy a near-original mid-century home at 123 Union Street, for $2.05 million.

The sale of the three-bedroom home, which had the same owner for 45 years, opened with a bid of $1.3 million and was marketed for $1.55 million.

The buyers defeated six other bidders for the property, part of an executor’s sale. They now plan to renovate it and bring it back to its former glory.

Marshall White Bayside director and auctioneer Stephen Smith said that while the auction was the main attraction on the street, children in the neighborhood also took advantage of the large crowd by selling cookies in the garage before the auction.

Another long-preserved family home in Chadstone was sold under the hammer for $1,301 million after three bidders competed.

The three-bedroom house at 27 Nioka Street had been owned by the same family since 1964 and was sold as part of a deceased estate.

Buxton Ashburton’s sales agent Tai Menahem said that while work was needed, buyers were interested as it was on one of the best streets in Chadstone, as it bordered on Batesford Reserve and overlooked the town.

“A young man was the buyer, he had just sold a mansion in Ashburton and was looking for another project,” Menahem said.

In the exclusive suburb of South Yarra, first-time homebuyers also bought a rare two-bedroom home that had been an investment property.

With a price guide of $1.3 million to $1.43 million, the home at 2 Powell Street was sold under the hammer for $1,501 million after three bidders competed.

Marshall White Stonnington James McCormack declined to comment on the sale price, but said it was a rare offering given the price and location.

He said buyers were still in the market to make offers, although terms had changed since last year.

“Buyers are definitely a bit more selective and timely,” McCormack said. “I think they realize there’s still a good opportunity for people to get into the market and lock in their interest rates.”

Not too far away in Kooyong, a three-bedroom house at Talbot Crescent 67 was purchased by a young professional buyer for $2,035 million, above the $1,981 million reserve, after they fell in love with its Art Deco exterior.

Monique Depierre, Kay & Burton’s senior sales advisor, said the auction started with a $1.8 million bid as a crowd of about 30 people watched.

“The bidding got off to a slow start with preliminary bids of $1,000, but once it hit the market for $1,981 million, it took leaps and bounds,” Depierre said. “The triumphant buyer was drawn to the house’s Art Deco brick facade and direct access to Kooyong Park.”

In Northcote, one of the biggest results of the weekend was a five-bedroom house at 11 Thames Street, which sold under the hammer for $4,302 million, $502,000 above reserve.

Jellis Craig Northcote director and auctioneer Sam Rigopoulos said bidding started at $3.6 million, with a flurry of $100,000 bids rising to $4.1 million before advances slowed.

Four potential buyers entered, but in the end it was an expatriate couple returning from the UK that won.

“While there has been a lot of talk about rate hikes, there is still a large group of people who have been looking for a purchase for a long time,” Rigopoulos said. “Money is still cheap, and they still have to find a home.”

Rigopoulos said less supply and more demand, especially at the high end of the market, still saw real estate selling under competition.

“I have to admit that I am a little surprised and happy to see that there is still resilience in the market,” he said.

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