North Warrandyte home sells at auction nearly $500,000 above reserve

North Warrandyte home sells at auction nearly $500,000 above reserve

A modernist home in North Warrandyte has sold almost $500,000 over reserve at auction.

No. 30 Koornong Cres, which went viral after featuring on architecture-focused social media pages, sold for $1.29 million at a Tuesday evening boardroom auction.

The auction had been brought forward by two weeks as Jellis Craig Doncaster agent Traci Stella struggled to keep up with demand to see the property, with about 100 groups seeing the timber-filled home in the first week on market alone.

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Ms Stella said it was “quite a shock” to see the reserve of $800,000 smashed, with it already revised upwards due to demand.

“This is bizarre for a two-bed in North Warrandyte,” she said.

“It’s not a dream — it actually happened.”

The auction’s first bid of $950,000 stunned many of the buyers and knocked most out of the market.

“22 of 27 buyers turned up,” said Ms Stella.

“Opening bid at $950,000 and we thought, ‘that’s it — auction over’.”

“One dropped out and two kept going and going and going and I thought, ‘you gotta be kidding me’.”

Ms Stella said it smashed even the most ambitious forecasts for the property’s sale price.

“Everyone is saying, ‘wait for Consumer Affairs to knock on the door’,” she said.

“No one can believe it for this little old house in North Warrandyte.”

The owner, a 94-year-old woman now in an aged-car home, had little idea just how much of a fuss had been made over the property she had built with her partner in 1965.

“She said, ‘oh, I think it’s a good result’,” Ms Stella said.

“Who says the market’s flat? It would be nice if it was all like this.”

The buyer, an interior designer from Hurstbridge, regularly walked her dog past the area.

“Clearly she just fell in love with the style,” Ms Stella said.

“She’s always been in love with that location.”

Most potential buyers at the auction were inner-city dwellers, but it ended up being a two-horse race between the woman from Hurstbridge and another buyer from Ringwood North.

After bidding quickly marched past $1 million, the Jellis Craig team decided to include all the furniture in order to keep the bids flying.

“We ended up having 57 bids,” Ms Stella said.

“It was just so surreal — no one saw that coming.”

A property two doors down recently sold for $700,000, she said.

— Jack Boronovskis

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