UPDATE: A young family has made headlines by purchasing a stunning retro home in Williamstown for $2.76 million at a hotly contested auction held on October 7, 2023. The charming three-bedroom property, located at 11 Victoria Street, was initially guided at $2.55 million to $2.65 million but soared above expectations as bidders clamored for its unique 1970s design.
The auction drew four active bidders, including families looking to renovate and others aiming to redevelop the site. Selling agent and auctioneer, Dean Stanley from Ray White Williamstown, described the home as having a “very ’70s retro feel” with its bold interiors, making it a standout property in a competitive market.
The seller, who had resided in the home for over 40 years, is relocating to Canberra to be closer to family. The successful bidders, a young family from Pascoe Vale, have two children and plan to move into the home and undertake renovations to modernize the space.
Bidding began with a vendor bid of $2.5 million and quickly escalated, with the property officially on the market at $2.6 million. The prime location, just a short walk from Williamstown’s Esplanade and beach, contributed to its appeal. “It’s a great location,” said Stanley, noting a unique challenge during the auction as the Westpac lifesaving helicopter was conducting training nearby, requiring him to raise his voice to call the bids.
In addition to the Williamstown auction, the Melbourne market saw a surge of activity with 1,597 properties slated for auction last week. As of Saturday evening, the Domain Group recorded a preliminary auction clearance rate of 67.7% from 1,133 reported results, although 118 auctions were withdrawn, impacting the overall rate.
In a separate auction, a two-bedroom apartment in Port Melbourne’s The Park Apartment complex sold for $885,000, exceeding its $780,000 to $820,000 price guide. The auction attracted two investors from Sydney, showcasing the ongoing demand for properties in the area. “People really like the ground floor,” noted Jon Kett from Jellis Craig Port Melbourne, emphasizing the apartment’s appeal after being off the market for over a decade.
Another noteworthy sale occurred in Maidstone, where a two-bedroom home sold for $867,000 after nearly 50 years on the market. The home was listed with a price guide of $770,000 to $830,000 and drew significant interest from buyers looking for renovation opportunities.
Joseph Allan from Village Real Estate reported that the auction’s opening bid of $770,000 rose steadily as bidders vied for the property, which offers potential for a new build or dual occupancy (subject to council approval). The winning bidder plans to rent the home initially before deciding on future renovations.
According to property analyst Louis Christopher from SQM, these auction results reflect typical seasonal trends as Melbourne experiences a surge in listings during spring. “The market is seeing price rises in the order of seven to nine percent,” he explained. As auction clearance rates tend to decline as Christmas approaches, the current results still mirror last year’s performance, indicating a resilient market.
As the dust settles from this weekend’s auctions, many buyers and sellers are left watching the market closely, eager to see how trends develop leading into the holiday season.
