Parents win the keys for their son at auction

Seven bidders battled for the dated brick house at 3 Third Ave, pushing its sale price $91,000 past reserve to $581,000.

Hocking Stuart Werribee selling agent Samantha McCarthy said the big sale came after mixed feedback from prospective buyers — one of whom tried to score the original-condition 50-year-old house on 400sq m for just $415,000.

“We are noticing buyers are trying with low-ball offers and then eventually miss out against more genuine offers in the vicinity of the asking price,” she said.


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A mix of first-home buyers and investors competed for the three-bedroom home under the hammer.

Among the contenders was a first-home buyer who had to pull the pin when the price went past his budget, leaving an opening for his parents who “saw an opportunity and jumped at it”.

“After all, they had already done all the research,” Ms McCarthy said.

“It was in need of some work, but the selling point was (that it was) 400m to Hoppers Crossing train station.”

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The property was one of 991 sent under the hammer in Melbourne last week, yielding a preliminary 57.2 per cent clearance rate, according to CoreLogic.

This was down from 60 per cent from 891 auctions the week before, and 71.4 per cent from 1265 a year ago.

The west was the city’s best performing auction region, with 65.7 per cent of 67 reported auctions resulting in sales, closely followed by the northwest with 65.3 per cent from 72.

In Sunshine, a basic brick veneer house snuck over its $610,000-$670,000 quoted range to sell for $673,000.

Advantage Property Consulting director Frank Valentic said three bidders put their hands up for the “pretty original” pad at 94 Cornwall Rd, with an investor outlasting a couple of first-home buyers.

“Buyers aren’t having to add an extra 10 per cent to the top of quoted ranges, like they were having to do in the market’s boom period,” he said.

The sale still netted a nice windfall for the sellers, who paid “a measly” $220,000 for the property in 2006.

A three-bedroom Elwood house eclipsed its reserve by as much as $150,000 to fetch $1.35 million on Saturday, Beckett buyer’s advocate Tabitha Robb said.

Ms Robb said the single-storey pad on a subdivided block was announced on the market at $1.2 million after just two bids, and flew to its sale price from there.

About 60 people watched three parties compete for 20A Wave St, which Chisholm & Gamon auctioneer Sam Gamon spruiked as offering “the lifestyle location” for coffee and beach lovers.

In Richmond, an entry-level two-bedroom apartment at 4/36 Davison St attracted four bidders — all young women — to sell for $505,000.

The Property Bureau director Kristy Caskey said the solid sale, against a $475,000 reserve, reflected “younger buyers understanding the value of buying an investment-grade property as a stepping stone, rather than getting wowed by newer builds that typically don’t perform as well”.

“This property required a new or updated kitchen and bathroom, so it presented a great opportunity to channel their inner The Block and add some value,” she said.

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