Pascoe Vale home fetches $1.33 million at competitive auction

Pascoe Vale home fetches $1.33 million at competitive auction

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Key points

  • There were 877 Melbourne auctions scheduled for Saturday. 
  • A Cheltenham villa unit sold for $1,137,000.

Property listings

A four-bedroom Pascoe Vale home has sold for $1.33 million during a competitive Saturday morning auction.

Four bidders vied for the keys to 12 Irma Grove, a near-new duplex with large living areas, two master bedrooms and off-street parking.

Barry Plant listing agent and auctioneer Jarrod Couch took an opening bid of $1.15 million, just below the quoted price range of $1.18 million to $1.25 million.

Three bidders took the price to the top of the range with $10,000 increments, then a fourth joined the fray. The home was announced on the market at $1.31 million. Couch would not disclose the reserve.

After four more assertive bids, the home sold for $1.33 million to the fourth and last family to join the auction.

Couch said it was a strong sale in an uncertain market, especially considering the home’s twin next door sold for $1.18 million in 2021, towards the market’s peak.

The spacious living areas were a draw for buyers. Credit: Barry Plant

“The market is a bit sporadic at the moment,” he said. “But we do know good-quality properties in good locations, that are turnkey, ready to move in, are definitely a much sought-after product.”

Couch said all four bidding parties were families or couples.

“It’s a large dual-occupancy style home … three bathrooms, [and] the dual master bedrooms makes it a very sought after opportunity for a young couple or a family, or maybe potentially downsizers into the future,” he said.

It was one of 877 Melbourne homes scheduled for auction on Saturday.

In Cheltenham, a single buyer outbid a mix of families and couples for a villa unit that sold for a “huge” result.

The three-bedroom home at 2/69 Latrobe Street attracted competitive bidding from five parties.

Ray White listing agent and auctioneer Kevin Chokshi said bidding began at $850,000 and quickly passed the $980,000 reserve. It slowed once the price reached $1 million, but steadily climbed to the final sale price of $1,137,000.

Chokshi had listed the home with a quoted price range of $910,000 to $1 million.

“We knew we’d have some strong action, but we certainly didn’t anticipate it going up super-fast and definitely did not anticipate the price it ended up going for, it was a pleasant surprise,” he said. “That’s a huge price for a villa unit.”

Chokshi said the local market had been a bit hit-and-miss, and noted blow-out results were mostly due to a lack of homes for sale.

“Results are a mixed bag, to be honest. [But] there’s definitely a bit of buzz. There’s also a shortage of stock which has definitely been felt by buyers,” said Chokshi. “We’re hoping that after the grand final there will be a lot more stock popping up on the market.

“I think [the market is] starting to warm up, the weather’s nice and the pause of interest rates are nice. It won’t skyrocket soon, but we’ll see more confidence come into the market over the next 60 days.”

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