‘A bit of FOMO’ fuels year-end auction action

Significant result for Glen Waverley knockdown home

In the rush to secure a home before Christmas, buyers did not hold back on Melbourne properties in December. Buxton offices in Ashburton, Glen Waverley and Camberwell reported a stellar auction clearance rate of around 90 per cent in the last month of the year, according to group director Steve Hatzi.

“We conducted 11 auctions in December and sold 10 homes under the hammer,” he said.

The strong result surpassed the clearance rate in November when six of eight properties scheduled for auction sold under the hammer.

“As many buyers were keen to snap up a home before the new year, there were good numbers at inspections, multiple bidders at auctions and strong sales results, Mr Hatzi said.

“A bit of FOMO was going on,” he said.

A four-bedroom house with a pool at 11 Octavia Court, Burwood, attracted five bidders and sold for $1.86 million, a stellar result well beyond the $1.7 million reserve.

“It was a beautifully renovated home with a pool,” Mr Hatzi said.

All the bidders were families who were drawn to the tranquil poolside oasis that backs on to Gardiners Creek.

An entertainer’s dream, it has zoned living areas, a large courtyard, private deck, gazebo, pool and a modern kitchen with quality appliances.

While there was strong demand for renovated and move-in ready homes, properties that required work or had potential for development also sold well.

A classic four-bedroom house in original condition at 8 Pindari Street, Glen Waverley, attracted strong competition, with developers looking at the 787 sqm property’s potential for a multi-unit site and families wanting a knockdown-rebuild. Between eight bidders, a final price of $3.006 million was achieved.

The buyers were a local family who favoured the blue-chip location near The Glen shopping centre and Kingsway, and in the esteemed Glen Waverley Secondary College zone, Mr Hatzi said.

“They will develop the site and build their dream home on the property,” he added.

And in Mt Waverley, another home in original condition at 6 Cash Grove, changed hands for $1.3 million.

Two bidders went head to head to win the keys, finally selling to a local family who intend to undertake a knockdown-rebuild project at the property.

The three-bedroom house on 696 sqm is in a popular location near Scotchman’s Creek trail, Mt Waverley Heights Primary, Salesian College, Chadstone shopping centre and the M1 Freeway.

Mr Hatzi said the auction market would resume in late January next year and expected an increase in listings.

“We have 12 properties already booked to go under the hammer,” he said.

“More homes should come on the market, particularly those owned by investors wanting to sell due to rising interest rates and land taxes”, Mr Hatzi said.

Properties in coveted school zones and near parks and transport would continue to sell for premium prices, and also those that were renovated and well presented, he added.

“Quality properties will generate strong interest among buyers who recognise their value,” he said.

Mr Hatzi noted that many buyers preferred to stay within their local communities, and would seek their first home or upsize/upgrade in their local area.

However, buyers from inner Melbourne suburbs such as Camberwell, Ashburton and Glen Iris were also looking for homes further afield, where they could find more bang for their buck.

“They are finding Glen Waverley and Mt Waverley more affordable,” Mr Hatzi said.