Third auction in four months at Templestowe Lower apartment complex shows price growth

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Three auctions have taken place in the Templestowe Lower complex in recent months.

Three auctions in the same Templestowe Lower apartment complex spaced over the past four months have provided a positive litmus test for the Manningham unit market.

It comes as Manningham and Whitehorse achieved a clearance rate in excess of 70 per cent for the tenth week straight, recording a rate of 76.3 per cent for the week ending October 6.

A two-bedroom unit at 2/215 High St, Templestowe Lower sold $86,000 above reserve in a mortgagee auction on October 5.

The sale was the third in the complex since July, with prices rising on each occasion.

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“The first one was in the best condition and sold for $525,000, the next one was in the second best condition and sold for $548,000 (on July 20) and the one that was in the worst condition sold on the weekend for $556,000,” Philip Webb Doncaster East agent Declan Treacey said. “It’s funny that the prices have been going up even though the level of the apartments are going down. It’s a good sign that the market is on the move.”

The median Templestowe Lower unit price to June 2019 was $746,750, according to CoreLogic.

A downsizer that had previously bid on the other two units proved the third time’s the charm, beating three other bidders for the keys.

Starting slowly on a vendor bid, the auction picked up the pace after it was called on the market at $470,000.

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The unit sold in a mortgagee auction.

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The two-level apartment sold for $556,000.

Mr Treacey said buyers were repeatedly mentioning fear of missing out, amid regret at not buying over the past year.

“There’s more stock come on (the market) but certainly I think the volume of stock is down compared to the last couple of years, which is one of the big reasons the auctions are becoming quite competitive,” he said. “I’ve had buyers say that they can see what’s happening and they’re just dying to get in now and not miss the boat.”

Competition between first-home buyers and empty nesters pushed the price of a Mitcham unit $100,000 above the reserve at another October 5 auction.

The single-storey, three-bedroom home at 2/22 Milne St eventually sold for $935,000 to a downsizer.

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A three-bedroom unit at 2/22 Milne St, Mitcham sold for $935,000.

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The Mitcham property saw stiff competition from first-home buyers and downsizers.

Ray White Blackburn agent Peter Schenck said he was nervous in the immediate lead-up to the auction, as the expected crowd failed to show up.

“But just ten minutes before it was to start, in they came. They’d all done their homework, they just came at the right time,” he said.

National Property Buyers Victorian state director Antony Bucello said the auction result indicated the market was “heating up”.

“There is more stock, which is great, but demand has increased as well,” Mr Bucello said. “The higher number of properties for sale is starting to spread to buyers, but only slightly. They’re out and about in big numbers at opens and auctions at the moment.”

Three bidders vied for the keys to a Blackburn unit with proximity to public transport and shops. The three-bedroom house at 2/12A Lithgow St sold for $982,000, having reached the reserve price at $945,000.

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The price rose to $982,000 at 2/12A Lithgow Ave, Blackburn.

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An updated kitchen looks out at both a dining area and the courtyard.

Mr Bucello said a “middle-aged man” bought the house.

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jack.boronovskis@news.com.au

@jackboronovskis


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