11 Olinda Ave, Springvale, which has been in one family since it was built almost 50 years ago, has achieved a top result for its owners at a Saturday auction.
A Springvale home that has been in the same family for decades has risen $462,000 above reserve and is unexpectedly selling for seven figures this weekend.
The six-bedroom home at 11 Olinda Ave isn’t the only property in Melbourne’s south-eastern suburbs to impress the public on Saturday. A property in Hughesdale also achieved sales well above expectations.
Peter Liu of Ray White Clayton said seven bidders vied for the Springvale residence which was built almost 50 years ago but has since been renovated.
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The two-storey house features three kitchens and three bathrooms and is close to Springvale Central shopping centre, Sandown Park train station and schools.
Mr Liu said the solid double-brick construction, renovation and location appealed to many buyers.
“During the four-week campaign, we had about 120 groups inspected,” he noted.
Two Sydney-based buyers, along with local buyers, secured strong bidding.
A Melbourne family with young children were the successful buyers for $1.312 million.
The reserve was about $850,000, right in the $800,000-$880,000 range for the house.
Mr Liu said the house’s owners were shocked by the outcome but remained relatively calm when the “crazy” auction was over.
![11 Olinda Ave, Springvale - for Herald Sun Real Estate](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
11 Olinda Ave, Springvale, has multiple kitchens and living areas.
The house is located opposite a park and childcare.
His colleague Jonathan Eaves also had a mention and scored another big result on Saturday.
The three-bedroom Edwardian-era house at 21 Canterbury St, Hughesdale, saw seven bidders compete for the keys.
It was announced on the market for $1.25 million – $1.35 million, but ultimately fetched $1.64 million after two bidders went head-to-head near the end of the auction.
“I don’t think anyone expected it to reach that level,” Mr Eaves said.
The Edwardian house at 21 Canterbury St, Hughesdale.
The salespeople were so surprised at the result that they asked Mr Eaves if he had added up the final figures correctly.
“And they said, ‘Oh my God, we couldn’t believe it. We couldn’t believe it went that high,'” he said.
The buyers are moving from New Zealand to Australia for work and education purposes.
Mr Eaves said the result was an encouraging sign that the market was “getting a bit better”.
“I think as the rate drops come through, they’re probably now finally getting into the back pockets of a lot of bidders because there’s usually a lag between a rate drop and it coming through into the back pockets of the bidders,” he said.
The new owners of the Hughesdale home plan to possibly renovate.
And in Box Hill South, a four-bedroom house near Box Hill Golf Course sold for $1.832 million.
Steve Burke of Belle Property said the 48 Roberts Ave residence had a reserve of $1.75 million and attracted three bidders.
“The market is alive, there are still 68 days until Christmas and buyers know this is a crucial time to act now or wait until next year,” Burke said.
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