Glen Iris auction goes back to the future

Glen Iris auction goes back to the future

A Glen Iris house sold for exactly the same price it did in December 2017, besting an up to 10 per cent correction linked to Melbourne’s leafy east.

Four bidders contested the four-bedroom home at 2B York Rd on the first Saturday of March, driving a result that showed if homes have lost ground they may be regaining it, according to Hocking Stuart’s Steve Burke.

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Plenty of fish in the market for Melbourne’s passed in homes

“The market is supposed to have come back 10 per cent,” Mr Burke said.

“The vendors were worried they could be selling for less.

“We think the market has improved, there’s more certainty and more people are willing to make a decision.”

Bidding opened with a $1.7 million vendor bid and ended at $1.825 million — the same price it sold for at the peak of Melbourne’s market boom on December 2, 2017.

It was listed for sale with a $1.7-$1.85 million asking price.

On the same day, a two-bedroom unit at 2/1 Howard St, Glen Iris sold for $917,000 — almost $100,000 clear of its $820,000 reserve.

“There are good outcomes out there,” Mr Burke said.

Marshall White’s Matthew Pillios enacted a heat rule for the auction at 3 Alexander St, Brighton East, bringing the buyers into the living room rather than forcing a contest on the street.

“I think it was about 36C at the time,” Mr Pillios said. “And the home had a big living area, so it turned into an outstanding auction.”

Two bidders fought from $1.55 million to a $1.64 million sale, $40,000 above reserve.

A young couple won the keys to the four-bedroom house and showed even a basic, solid brick home could drive competition.

The results were recorded as the city emerged from its second week of more than 1000 auctions this year with a 55 per cent preliminary clearance rate, according to CoreLogic records.

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The firm’s Australian head of real estate Geoff White said it showed vendors were being more realistic, and that many saw the value in an unconditional result on auction day rather than holding off in the hope of a higher offer with a “subject to finance” clause.

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