“It was a young family against the boomers, and the boomers ended up winning again,” the listing agent said of the auction for the three-bedroom home.
“It was a young family against the boomers, and the boomers ended up winning again,” the listing agent said of the auction for the three-bedroom home.
By Alexandra Middleton
February 22, 2025 — 12.08pm
A downsizer couple won the keys to a three-bedroom home in Ivanhoe for $1.82 million on Saturday, paying some $220,000 above reserve following a rapid-fire auction.
About six interested parties turned up for the auction of 31A Sherwood Road, Nelson Alexander auctioneer and listing agent Mark Verrocchi said, but just two ended up putting forward offers after a high opening bid knocked other potential buyers out of the race.
The buyers opened the auction with a bid of $1.6 million, at the top end of the $1.5 million to $1.6 million quoted price range. The first bid met the vendor’s reserve.
A second party, a young family, countered with a $20,000 bid. The two parties quickly traded bids of $20,000 and $25,000 until the price hit $1,805,000.
The downsizer couple, from Carlton North, then put forward a $15,000 bid to secure the stylish property and beat the family moving from Melbourne’s north-east.
Verrocchi said sentiment among buyers had improved after Tuesday’s interest rate cut, and added that the other bidders didn’t stand a chance during this “rapid-fire” auction.
“It went backwards and forwards between the two, and I feel a lot of people were knocked out, whereas the people that won it, they were going up, always, by $20,000 bids,” he said.
“It was a young family against the boomers, and the boomers ended up winning again.”
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Verrocchi said the vendors were downsizing to a smaller property in the area.
It was one of 1,246 homes scheduled to go under the hammer in Melbourne on Saturday.
In Coburg, two local families battled it out in an “aggressive” auction for a five-bedroom home, which sold under the hammer for $1.85 million.
The auction of 16 Glencairn Avenue opened on a bid of $1.65 million, at the bottom end of the $1.65 million to $1.75 million price guide.
The families then traded $10,000 and $5000 bids, and quickly drove bidding past the property’s $1.7 million reserve.
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When the price hit $1.81 million, the buyers placed a $40,000 knock-out bid, securing the property.
“[The auction] was so aggressive … it was almost like rapid fire,” Ray White auctioneer Jamil Allouche said.
“I’m seeing a bit more confidence after the rate drop.”
Allouche said the property, a deceased estate, had been in the same family for about 70 years and the vendors were thrilled to see a new family make it their home.
Alexandra Middleton is a journalist for The Age, reporting on Melbourne’s property market.Connect via email.
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