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Melbourne auctions: Sales still strong amid rising interest rates

By Mo Zeitouneh

The charming rear of 20 Tongue St, Yarraville which sold under the hammer on Saturday for $2.04m.

A number of Victorian suburbs notched top results at auctions over the weekend, despite rising interest rates adding pressure to the property market.

970 homes were poised to go under the hammer this week, according to the Real Estate Institute of Victoria (REIV).

REIV president Richard Simpson said a number of buyers were trying to avoid selling their property on the May 21 federal election day.

28 Gertrude St, Mulgrave notched a massive premium on Saturday.

The stylish kitchen.

And luxurious main bedroom.

REIV president Richard Simpson said a number of buyers were trying to avoid selling their property on the May 21 federal election day.

“Vendors are also looking to list before any more interest rate rises,” Mr Simpson said.

“But I still think there’ll be strong auction numbers up until the July school holidays.” reported a preliminary clearance rate of 78 per cent on Saturday from 338 results.

Among them, a four-bedroom Mulgrave home only built in 2011 fetched a huge $1.927m sale — soaring past its $1.5m reserve by almost $500,000.

Ray White Glen Waverley agent Rich Cheah helmed the 28 Gertrude St sale, who said it was a record for the Waverley Park Estate.

Three bidders vied for the keys, with a local family looking to upsize placing the winning bid.

And in Yarraville, a Federation-style home circa the 1900s sold for $2.04m after passing in at $1.93m.

The facade at 20 Tongue St.

The Yarraville home also has a glamorous kitchen — the result of many renovations over 20 years.

Not to mention the spacious living area outlooking the established garden.

Compton Green Williamstown associate director, Dee Gibson had the listing for 20 Tongue St, which originally had a $1.85m-$1.95m price guide.

Ms Gibson also first sold the four-bedroom pad to the vendors 20 years ago, who she said were a “delightful couple.”

They paid $315,000 in 2001, according to CoreLogic, but have completed extensive renovations since.

“They’ve done a cracking job,” Ms Gibson said.

“They’ve loved the home and the street … a few tears have already been shed from some neighbours.”

The couple are moving interstate, selling the 403sq m property on Saturday to a young family with a child and another on the way.

Almost 1500 auctions are scheduled for next week.


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