A 100-year-old Melbourne home has achieved incredible success in its first-ever sale, selling for $300,000 over its reserve price to a developer.
The $1.63 million under the hammer sale left even the property’s sales agents surprised – and this after it surprised throughout its marketing campaign.
From its age, to its history with just one family, to Victoria’s snap COVID lockdown – which delayed its auction for five days – 203 Koornang Road, Carnegie, had agents and potential buyers intrigued.
But all proved better than well for the California bungalow and its GRZ1 (General Residential 1) zoned, 590sqm corner block.
Stunned but happy Woodards Carnegie sales agent, Daniel Secatore, explains the buyer beat keen competition to the three-bedroom home.
“This sale blew our expectations out of the water, that’s for sure,” Daniel says.
“There was heaps of competition from a big crowd and the bids just kept going up in $20,000 implements from multiple bidders.
“It just flew away – the person who was taking bids on iPad said they couldn’t keep up with the bids as they were moving so quickly.”
Daniel explains the developer will demolish the old home and most probably build two, two-storey, freestanding townhouses in its stead.
“You could build two such residences comfortably and this way, you’ll get better value out of the block,” Daniel explains.
“There could be one house at the back, because it’s a thin block, and the back home could have access to Centre Road via the side street.”
He adds that the auction was one of three twilight events held by his office on the day and all of the properties sold well over reserve, despite Victoria’s recent five-day lockdown.
“It just shows how strong the market is at the moment,” Daniel says.
“Everyone knows what’s happening now with the COVID situation, whereas we felt people were deterred late last year when we had that seven-week lockdown.
“But it just doesn’t have the same impact as it did back then.
“Everyone was up in the air with what was happening but now we’re under control and it really hasn’t had any effect on the market.”
203 Koornang Road, Carnegie, Vic 3163
0408 560 790
0426 252 493