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Captain of AFL club Essendon, Dyson Heppell, has kicked a property goal by selling his Albert Park investment property for $3.46 million – more than triple the price he paid for it less than a decade ago.
The three-bedroom terrace at 27 Greig Street, initially passed in on a bid of $3.38 million, before the buyers, a young professional couple, negotiated a post-auction deal. The home had price expectations of $3.3 million to $3.5 million.
The three-bedroom Albert Park home sold for $3.46 million post-auction on Saturday.Credit:Marshall White Port Phillip
Two bidders competed for the property but only after a vendor bid of $3.3 million was made. Bids of $25,000, $9000 and $1000 then took the property to its pass-in price before negotiations began.
Heppell, who has played more than 210 games with the Bombers, purchased the Albert Park home in 2014 for $1,067,500, records show.
The investment property, which was once home to Heppell, has been renovated since.
Essendon skipper Dyson Heppell kicked a property goal by selling his investment property and former home.Credit:Getty Images
Marshall White Port Phillip director Oliver Bruce said renovated properties at the top end of the market were still selling extremely well, despite interest rate rises and the rising cost of living.
“I think the reality is that there’s not a lot of houses like this in this area that are on the market,” Bruce said.
The Albert Park home was one of 742 Melbourne properties scheduled for auction on Saturday. By evening, Domain Group recorded a preliminary clearance rate of 60.7 per cent from 596 reported results, while 65 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Agents say there has been a clear shift in the market over the past week, off the back of the fifth consecutive increase to the cash rate, which now sits at 2.35 per cent.
In Carlton North, a three-bedroom home at 654-656 Park Street passed in on a single vendor bid of $1.7 million after no one raised their hand to make an offer.
The house had been advertised with a price range of $1.75 million to $1.85 million and has now been listed for private sale for $1.84 million.
“Last week was completely different,” said Nelson Alexander Carlton director and auctioneer Nicholas West. “What tends to happen is: there’s a rate rise and people get paralysed for a week.”
He said buyers were still working out how much they could borrow and offer at auction after the rise.
“Our market is very reactionary because people need time to digest interest rate rises … and there’s no doubt the market is price sensitive.”
Nelson Alexander Carlton director Nicholas West works with the crowd who did not bid at auction.Credit:Justin McManus
Nearby, a two-bedroom, single-fronted Victorian terrace at 468 Station Street, Carlton North, sold under the hammer for $1.365 million to a professional couple.
They outbid two other couples for the home in need of some renovations.
Bidding opened on a vendor bid of $1.15 million with steady offers seeing the home called on the market at $1.22 million.
Nelson Alexander Carlton partner Janine Ballantyne said the market had been “patchy” during the second weekend of spring.
“It’s very price sensitive,” she said. “Some things are still going well.”
In Malvern East, a three-bedroom house marked for a tear down at 11 Gabriel Avenue sold for $1.315 million.
Three bidders competed for the 642-square-metre block which the buyers plan to rebuild on.
Jellis Craig Hawthorn selling agent David Macmillan said the property had been an investment, which the vendors owned for more than a decade.
“It was a really good result, pretty much on the money for the quotes of $1.2 million to $1.3 million,” Macmillan said.
In Greensborough, a young family purchased a three-bedroom house at 15 Amiet Street for $965,000.
Morrison Kleeman director Craig Parker said they outbid a downsizing couple and another young family for the home.
Though the market had cooled, Parker felt buyers had adjusted to rising interest rates, and noted there was still solid competition for properties.
“The market will depend on stock levels over the next few months and if a lot of stock comes onto the market it will slow,” he said.
In Middle Park, a three-bedroom home at 269 Richardson Street, passed in on a bid of $2.52 million from the one active bidder, before selling for $2.75 million after a short negotiation. The result was above the $2.4 million to $2.6 million price guide.
Jellis Craig Port Phillip director Simon Gowling said most vendors had adjusted their expectations to cooler buyer demand, and were now more willing to meet the market.
“They’re a lot more realistic and realise they’re not going to get the prices of late last year,” Gowling said.
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