Young couple pay $720,000 over the reserve for renovated Brunswick terrace
Three young couples competed for a Brunswick terrace at auction on Saturday, pushing the sale price to $3.72 million.
The renovated three-bedroom home at 679 Park Street was listed with a price guide of $2.8 million to $3 million and had a reserve of $3 million, set at the top of the range.
The Victorian terrace, 'Ellis', located on the Princes Hill border in Brunswick, has generous living areas, a flexible layout and off-street parking. The winner and underbidder were both local to the area.
Proceedings opened with a bid of $2.8 million and the reserve was quickly reached. Bidding then slowed, with increments decreasing from $25,000 to $10,000, $5,000, and $1,000.
Selling agent Peter Stephens from Nelson Alexander said the auction 'wasn't very fast' but had 'good, strong bidding.'
'The market is getting going again after Easter, ANZAC Day and the election,' he said.
The property was one of 849 scheduled to go to auction in Melbourne during the week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 72.4 per cent from 615 reported results throughout the week, while 55 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Northcote, a double-fronted period house sold under the hammer for $2.33 million.
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