What features will buyers break records for?

Yesterday I received a call from a great journalist. He was covering Melbourne’s auction results and asked me to weigh in on a significant result in Brunswick East. The house reportedly sold for some one million dollars above reserve. Once I checked the listing, this record-breaking figure for its land size was no shock to me.

Despite higher borrowing costs and lower auction clearance rates as we approach the year end with increased auction numbers each week, houses like this will buck expectations.

Not all buyers have strong financial resources right now, but many do. It only takes two committed, cashed up buyers to fight it out at auction for a smashing result.

Houses that tick all of the important, enviable boxes will attract these buyers, and usually in number.

Purchased seven years ago for less than a third of yesterday’s sale price, the vendors would have to be thrilled with the result, but to their credit, they master-minded a spell-binding home on this north facing, 445sqm allotment. It is obvious that every detail has been considered, from the target buyers in the area to the likely needs of inner-north families.

Let’s firstly take the site into consideration. It’s 445sqm block with a northerly rear orientation, in a dead-end street, south of Blyth Street, Brunswick East. Most buyers who are targeting premium locales in this postcode will reference their preference as, “south of Blyth”. There are superb streets to the north but locals know that amenity and access to the city is considered ideal when south. In this particular spot, convenient tram lines run on both the eastern and the western sides, both within easy walking distance. In fact, the Lygon Street and Nicholson Street trams are equidistant. Lygon Street shops and cafes are a short walk away. Parkland is close by, just to the south.

Everything a Brunswick East resident could hope for is nearby.

What’s more, the land offers a rear right of way from the neighbouring street to the north. Rear access is so valuable in these tight locations.

We all appreciate a northerly rear orientation. It means that sunlight will stream into this glorious backyard all year round. And the dead-end street offers a more private neighbourhood with limited cars driving past…. something that busy Brunswick East doesn’t easily offer.

The facade is beautiful. Hidden behind the leafy front trees, this on-trend roof pitch and stunning timber cladding showcases a very modern family home that is still sympathetic to the streetscape.

Even the google streetview pictures of this property under construction look appealing.

However, it’s the floor plan and style that would have convinced eleven bidders to gear up for a hotly contested auction. This is where the magic was really created by the vendors. The expansive living area on the ground floor captures all of the northerly sunlight superbly.

The home offers garage, gym and an additional off-street car park; a limited commodity in this suburb. The inclusion of a bedroom and bathroom/shower downstairs is clever. Many families like the idea of an older parent/visitor having a ground-level option. Some also think forward about how they can future-proof a home to their own needs as they age. Many younger families eliminate floor plans that aren’t offering master suite and children’s bedrooms on the same level.

This house delivers each of these requirements.

Most impressively, the enormous study/retreat upstairs is nicely separated by a split-level set of stairs. These days, the need for a dedicated study appears on so many buyers’ checklists. With beautifully raked, timber-clad ceilings, this work space would wow any zoom meeting attendee.

Two buyers ultimately fought for the keys for the final $700,000-odd. As I mentioned above, it only takes two committed bidders to create a huge auction result.

Did they pay a premium? Many will say they did. But it’s likely they each asked themselves, “How often does a house like this come up in the suburb?”.

The answer is that they come up very rarely.

And that is why some houses go crazy at auction, regardless of newsfeed and interest rates.