Carlton terrace sells for $1.22 million after buyer declares ‘I won’t stop’

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Key points

  • A Coburg home sold for $1.52 million after four bidders competed.
  • A Parkdale home sold to a family for $1,325,000.

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A former Carlton shopfront has sold for $1.22 million at auction, after the ultimate buyer declared she would not stop bidding until she secured the home.

Four buyers were interested in the two-bedroom terrace at 227 Nicholson Street, which had been used as an investment property for the past 25 years, but only two made offers.

The auction began with a vendor bid of $1.1 million, at the bottom of the $1.1 million to $1.2 million price range.

Bidding climbed in $10,000 increments to $1.14 million, then jumped to $1.18 million, before the offers slowed and proceedings paused while the agent spoke with the vendors, who were in Queensland.

When the auctioneer returned, more $10,000 offers were made, and the buyer declared she wouldn’t stop bidding. In the end, she made a final $10,000 offer to win the keys. The reserve was $1.2 million.

Woodards Carlton North partner Glenn Bartlett said it was the buyer’s auction.

“She made an announcement to the crowd that she wouldn’t stop in the middle of the auction,” Bartlett said. “It was an interesting tactic, but it obviously worked.”

The lock-up garage was an attractive feature for the bidders.Credit: Justin McManus

Bartlett said it was a good outcome in a bumpy market, which had endured 11 interest rate rises over the past 12 months.

“It was a main road property, and they tend to suffer a bit when the market is indifferent,” Bartlett said. “But this had a lock-up garage which is rare in Carlton and that seemed to resonate with buyers.”

It was a two-person contest for the Carlton home.Credit: Justin McManus

He noted both interested parties had been keen to use the garage as a studio space.

The Carlton auction was one of 634 scheduled across Melbourne on Saturday.

South-east of the city, in Parkdale, a three-bedroom brick house on the market for the first time in more than 60 years sold for $1,325,000.

Bidding for 9 Ivy Street opened with a $1.15 million offer, at the low end of the $1.15 million to $1.25 million price guide, then rose in $20,000, $5000 and $1000 increments.

Hodges Mentone/Chelsea director and auctioneer Mark Eddy said three bidders competed, while another three interested buyers in the crowd watched on.

The property sold for above the reserve price, which Eddy said was within the advertised price range. He would not disclose the exact figure.

The ultimate buyers were a local family, who plan to move in and rebuild on the block in the future.

Eddy said it was an emotional sale for the vendors, who had grown up in the property.

“The parents had built the house, and it was their childhood home, but they had a good trip down memory lane.”

In Coburg, another three-bedroom house held by one family for more than 50 years, sold for $1.52 million.

The home at 8 Preston Street, which still had many of its original features, sold above the $1.2 million to $1.29 million price guide.

Barry Plant Coburg agent and auctioneer Jarrod Couch said four buyers, including one online bidder, competed for the property on 613 square metres of land.

“It’s a good property on a nice quiet street – a wide street as well – so that made the home attractive,” Couch said.

Couch said he had noticed more buyers trying to get into the market before prices started to rise again, despite the latest interest rate hike.

“A lot of people have been sitting back and waiting, but now it seems interest rate rises are close to the end, and buyers are aware of what their repayments are going to be, it’s given them more confidence to come back,” he said.

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