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Balwyn family home achieves $400,000 above reserve

An impressive $400,000 above the vendor's reserve was achieved at 2 Alandale Avenue, Balwyn over the weekend, with four bidders vying for the keys.

An opening bid of $2.99 was called and ‘very strong bidding’ drove the price north. The property was on the market at $3.1 million and sold under the hammer to a local Chinese family for $3.51 million.

“The campaign drew great interest from its first open inspection, we had more than 100 groups through overall, with 23 buyers requesting contracts,” Rt Edgar Boroondara Director Annabelle Feng said.

“The owner did some minor works to the property which definitely helped with the sale, it gave the home a fresh look and was ready for the next owner to move in right away.”

Working alongside agent Chris Kavadis, the duo was able to achieve a great outcome for the five-bedroom family pad.

“To find a 30-year old house, in great condition on sizeable land in that price range is a really rare opportunity,” Mr Kavandis said.

“This is an unprecedented market, and we are seeing similarities from when we came out of lockdown, buyers went crazy and the market boomed, now China has come out of lockdown and it’s the same feeling, they just want to buy.”

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Disappointed underbidders looking to buy in South Yarra and Toorak

33 Hawksburn Road, South Yarra changed hands last week via an Expression of Interest campaign, for an undisclosed amount, setting a record for the street.

RT Edgar Toorak Sales Agent Will Hocking said the property drew great attention with 83 groups through inspections and it ended in a ‘competitive multiple offer situation’.

“Being a contemporary residence on a large parcel of land, in a heritage street and suburb, it was a really great opportunity to own something rare and unique,” he said.

“I am currently dealing with three underbidders trying to find similar contemporary homes in South Yarra and Toorak.”

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Nearby 7/415 Toorak Road, Toorak sold under the hammer for an undisclosed amount above the vendor’s reserve.

The property attracted good attention throughout the campaign with three bidders competing for the keys at auction.

RT Edgar Toorak Director Anthony Grimwade said the property changed hands to a Chinese investor.

“While the two-bedroom apartment required a facelift, it was spacious, light-filled and had a lot to offer,” he said.

After a failed campaign with another agency, 4 Cassell Street, South Yarra also went under offer for an undisclosed amount.

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