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Outdoor decking at 34 Twyford St, Box Hill North.
Runaway auction results in Manningham and Whitehorse have surprised local agents, as multiple bidders look to secure a property before the year is out.
The region returned a combined clearance rate of 86 per cent from 91 recorded auctions last week, according to CoreLogic.
An unremarkable three-bedroom house in Box Hill North defied trends in the suburb to sell for $1.41 million under the hammer.
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The Box Hill North property sold for $1.41 million.
Buxton Box Hill director Jim Chen said he was expecting 34 Twyford St to pass in at its November 16 auction and sell in negotiations afterwards, having watched similar properties in the suburb go through the same process in recent weeks.
“I was thinking it’d pass in, at the end we sold for $1.41 million,” he said of the sale, which topped the reserve price by $210,000.
“Bidding was going very quickly, by $100,000 (increments), so we didn’t even have a chance to announce the property on the market,” Mr Chen said. “I’m not really sure what the reason is (for its particularly strong sale) to be honest with you, compared with the other properties.”
Four groups competed aggressively for the house, with an overseas buyer beating an underbidder from Sydney to secure the home following a string of knockout bids.
The contemporary kitchen at the property.
The home is on 644sq m.
Mr Chen said desperate bidders that had already missed out at prior auctions were throwing caution to the wind in efforts to overwhelm the competition.
“They’re trying to knock everyone out; they don’t really care how much they pay, they just want to get the property,” he said.
The vendors were thrilled to see the price surge past the $1.1-$1.2 million price range, Mr Chen said.
“We told them where the buyers sit, because they were within the range, we weren’t expecting $1.41 (million) happening,” he said. “What we’re doing is we’re telling them exactly what’s been happening on the market – what buyers think, how much they think the property’s worth.”
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