He said home\u2019s architectural design by Taouk Architects was a major drawcard.<\/p>\n
\u201cHe develops some incredible property, and given its proximity to the train line, it was a once-in-a-lifetime opportunity for someone to buy a Taouk property for under $2 million.\u201d<\/p>\n
Suckling said the local market was quite busy.<\/p>\n
\u201cThere is definitely some activity in the area, that\u2019s for sure … Alphington is quite resilient,\u201d he said.<\/p>\n
Loading<\/p>\n
\u201cIt is an interesting pocket of Melbourne with a lot of families and more family homes. It is less dense than other areas of the inner north, but you still have access to all the things in the area.\u201d<\/p>\n
The property was one of 752 scheduled for auction in Melbourne in the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 75.8 per cent from 557 reported results, while 44 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.<\/p>\n
A three-level townhouse in Eltham designed by renowned architect Graeme Gunn sold under the hammer for $1.41 million on Saturday.<\/p>\n
The home at 2\/93 Arthur Street was advertised with a reserve of $1,300,000, which selling agent Tom Kurtschenko from Jellis Craig said \u201cwas part of the strategy going into the auction\u201d.<\/p>\n
Positioned at the highest point of Eltham, the home is a part of the gated Kinloch Estate, which was established in 2000.<\/p>\n
The property\u2019s treetop and city views on the upper level, along with its three bedrooms and thoughtfully crafted layout, attracted two active bidders, both local families, to the area.<\/p>\n
\u201cThe two bidders went toe to toe,\u201d Kurtschenko said.<\/p>\n
\u201cIt got a run on, and it was a pretty clean auction and got to where it needed to.\u201d<\/p>\n
Loading<\/p>\n
The successful bidders want to do some improvements to bring the home back to its former glory, Kurtschenko said.<\/p>\n
\u201cIt\u2019s a 25-year-old home, and it\u2019s just showing its age a little bit,\u201d he said.<\/p>\n
Stock markets in the local market were \u201cvery low\u201d, the agent said.<\/p>\n
\u201cLocally in Eltham and Eltham North, there are 75 homes up for sale, which is well down. It usually trends at around 110 to 130 homes, so it is notably down, so I think that\u2019s putting pressure on what\u2019s on the market,\u201d he said.<\/p>\n
Meanwhile, in Mornington, a deceased estate located in an ex-housing commission area fetched $815,000 at auction, above its reserve of $690,000.<\/p>\n
13 Carramar Street originally had a price guide of $610,000-$670,000, which was increased in week two of the campaign to $640,000-$680,000, said selling agent James Stamatopoulos of Ray White Frankston.<\/p>\n
\u201cGiven the amount of interest we had, we wanted to make the price guide more transparent,\u201d he said.<\/p>\n
The auction drew four bidders, a diverse mix of aspiring first home buyers, downsizers, investors and developers.<\/p>\n
Loading<\/p>\n
The underbidders were downsizers who wanted to relocate from the city, and the successful bidders were investors from Sydney.<\/p>\n
\u201cWe are seeing more interstate investor interest in this pocket,\u201d said Stamatopoulos.<\/p>\n
\u201cThere\u2019s great value here and buyers are responding.\u201d<\/p>\n
For the sellers, the sale was bittersweet.<\/p>\n
\u201cThey were stoked with the result, but because it was a deceased estate, it was emotional too,\u201d Stamatopoulos said.<\/p>\n
AMP chief economist Shane Oliver said the Melbourne market seemed to have turned a corner.<\/p>\n
\u201cIt\u2019s a fairly solid result and the market has continued to strengthen across July,\u201d he said.<\/p>\n
\u201cThere is a boost in buyer confidence due to rate cuts, as well as a fairly constrained supply.\u201d<\/p>\n
Oliver said the market should continue to strengthen with future rate cuts.<\/p>\n","protected":false},"excerpt":{"rendered":"He said home\u2019s architectural design by Taouk Architects was a major drawcard. \u201cHe develops some incredible property, and…\n","protected":false},"author":2,"featured_media":26459,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[449,458,459,64,63,460,134],"class_list":["post-26458","post","type-post","status-publish","format-standard","has-post-thumbnail","category-arts-and-design","tag-arts","tag-arts-and-design","tag-artsanddesign","tag-au","tag-australia","tag-design","tag-entertainment"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/26458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=26458"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/26458\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/26459"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=26458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=26458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=26458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}