Princes Hill period home sells for $2.9m after rate cut sales hack

This Princes Hill home at 514 Park St sold for $2.9m at auction, claiming Melbourne’s top sale of the weekend after a spirited four-way bidding contest.

A four-way bidding battle has turned a Princes Hill home with a triple garage into Melbourne’s top auction result with a $2.9m sale.

And the agent behind the result has credited a bold decision to auction before an interet rate decision as a key factor in its success.

The three-bedroom brick home at 514 Park St, directly opposite the Inner Circle Rail Trail and a short stroll to Princes Park and Lygon St, drew a big crowd and four determined buyers chasing a chance to break into one of the city’s most coveted pockets.

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Nelson Alexander auctioneer Christian Cortese said the $2.9m result was “incredibly rewarding” after a tough 12-18 months for Melbourne sellers — with a looming rate cut spurring action from buyers over the past weekend.

“We’ve had a more challenging market lately, so to get the top result for the weekend feels incredibly rewarding,” Mr Cortese said.

The auction kicked off at $2.5m with a bid from a local resident keen to stay in the area, before a young family joined in and pushed the price to $2.675m.

Freshly updated interiors include an open plan living and kitchen zone, part of a pre-auction overhaul that helped secure the property’s standout $2.9m sale.

A deep 550sq m block offers rare inner-city space, with rear lane access to a triple garage and plenty of room for future extensions.

After a “halftime break”, an investor entered the contest, planning to rent out the property before an extension or renovation in three to five years.

But it was family who made their move at $2.85m that ultimately secured the keys for $2.9m.

Mr Cortese said the property’s combination of a prime Princes Hill location, rear access via Bougainville Place to a secure triple garage, and a pre-auction refresh made it irresistible to buyers.

“When I first inspected it, it wasn’t quite in a move-in ready condition,” he said.

Natural light fills the front lounge, showcasing the home’s period charm and the recent updates that made it move-in ready.

The updated kitchen forms part of the home’s appeal, catering to buyers keen to avoid major renovations amid high construction costs.

“But they invested in replastering, painting, new flooring, tidying up the gardens and presenting the facade at its best.

“Buyers right now want work done for them, they’re wary of taking on big renovation projects with construction costs high and trades hard to get.”

The home’s location added to its appeal, with Princes Hill Primary School, Princes Hill Secondary College, cafes, shops, trams and parkland all within easy reach.

Neatly presented renovated bathroom, part of the home’s refreshed interiors that drew four active bidders on auction day.

Mr Cortese also noted that this weekend’s auctions were influenced by Tuesday’s looming RBA meeting.

“If rates drop, it doesn’t mean property prices jump overnight, but it does lift buyer confidence and increases the number of active bidders,” he said.

He added that the market was showing signs of recovery after hitting bottom late last year, with stronger auction attendance, more bidders, and hopes for clearance rates to potentially rise to 88 per cent or above in Melbourne’s inner north during spring.

“With spring coming, sellers should go to market when they and the property are ready,” Mr Cortese said.

“Spring is beautiful for presentation, but it also brings more competition, sometimes getting in earlier gives you a clearer run.”

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david.bonaddio@news.com.au

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