pending over five months on the market proved a blessing in disguise for the vendors of a Box Hill townhouse, in a week where just 48 auctions were recorded across the whole of Melbourne.
With plans to upsize, the owners of 10/1 Via Media listed their three-bedroom property late last year with an asking price of $670,000.
But after selling their home on April 23 for an undisclosed sum slightly below that price, they might be able to snap up their new home for significantly less.
“They are quite happy even though they sold at less than they expected,” Woodards Blackburn agent Demi Liu said.
“Because they are upsizing, the price of the property they are buying has dropped even more. They were looking at $1.2 million and now they might be able to get it at $950,000.”
Ms Liu said the property, which was purchased by a first-home buyer, had been on the market for a long time due to its price and size.
“We did start the property at a price range that you would try and get in 2017,” Ms Liu said.
“The property itself was also too small for most of the buyers — the land is less than 100sq m.”
Ms Liu said realistic price guides were still leading to straightforward and speedy sales.
“You just have to make sure your price is according to the market, and then you will get a sale quite quickly,” Ms Liu said.
Average time spent on market for houses in Manningham has increased marginally from 31 to 33 days over the last two years, according to CoreLogic data.
Whitehorse has seen a fall from 36 to 33 days over the same period.
Helping to lower the average, a Doncaster home sold ahead of auction, having spent just three weeks on the market.
After four different groups declared interest in 30 Winters Way, the four-bedroom home sold for $1.092 million on April 17.
McGrath Box Hill agent Chris Manolopoulos said the property fetched about $20,000 beyond the owner’s expectation.
“I’m finding that properties with full blocks of land are being heavily contested,” Mr Manolopoulos said.
“At the moment, there’s an influx of supply of subdivided properties in the Manningham area.”
The vendors were “thrilled” to wrap the sale up so quickly, as they planned to move interstate, Mr Manolopoulos said.
“The price points have dropped back a little bit, but not as dramatically as some people may think — it’s not all doom ‘n’ gloom.”
A huge 141 inspections were carried out at 17 Sunset Ave, Templestowe, before it sold above reserve at an April 16 auction.
Five bidders pushed the sale to an undisclosed sum beyond the price guide of $1.15-$1.25 million.
“In a soft market, it probably defied the real estate landscape at the moment in Manningham,” Ray White agent Lambie Balkos said.
“Being unique, beautifully renovated and landscaped, it captured the imaginations and strong interest from buyers.”
The home was purchased by a young couple planning to make their family home.
“It just ticked a lot of boxes in terms of liveability and what the home presented in the renovated state,” Mr Balkos said.