Two Fitzroy homes owned by families for almost 40 years have smashed their reserve prices.
Five bidders competed for the Victorian terrace at 427 Napier St, which sold $215,000 above reserve for $1.415 million.
Nelson Alexander Fitzroy agent David Sanguinedo said the three-bedroom property had been with the one family since about 1982.
He said they decided to sell after they found their dream home.
“Two of the bidders were investors and the rest were owner occupiers and first-home buyers,” Mr Sanguinedo said.
“Bidding picked up at $900,000, at which the auctioneer kindly and politely said that’s not okay so another offer at $1 million was made.
“Bids went up in $20,000 and $10,000 increments until it got to $1.3 million whereby two bidders went at it in $5000 bids.
“The buyer was a young family attracted to the perfect location.”
Mr Sanguinedo said the vendors were sad to see the property go but pleased it went to a family who would appreciate it.
“It is a complicated market with not a lot of stock out,” Mr Sanguinedo said.
“We had people who wanted to bid but didn’t because they couldn’t get their finances sorted in time.
“Lots of buyers are finding it hard to participate at the moment but this one performed so well because it is an extraordinary property.”
Closer to Fitzroy Gardens, 187A Victoria Pde sold $117,000 above reserve.
The townhouse, part of a group of 13 or 14 residences, was built in 1982 and owned by the same family for about 32 years.
Nelson Alexander Fitzroy agent Peter Stephens said the house attracted a strong crowd and three bidders.
“We received an opening bid of $1 million, a vendor bid of $1.1 million, hit the market at $1.2 million and sold for $1.317 million,” Mr Stephens said.
“The buyer was an investor attracted to the big garden, low body corporate fees and the great spot on Alexander Pde near Gore St.”
Mr Stephens said in a “patchy market” the vendors were ecstatic with the result.
“The last week or two seem to be lifting a little,” Mr Stephens said.
“We have seen stronger bidding and stronger results.”
A 150sq m vacant block of land at 41 and 43 Courtney Street, North Melbourne also sold under the hammer at the weekend.
The site received over 70 bids from six bidders and sold for $904,000.
W.B. Simpson & Son Auctioneer Richard Simpson said the purchaser, a local developer, had no specific plans but would look to build one or two architect-designed townhouses.
“The result shows that the market for well located and small development sites in inner Melbourne was alive and well,” Mr Simpson said.