Tuscan-Style Hawthorn East House Sells for $600,000 Above Reserve in Strong Property Market

A stunning Tuscan-style house on Tourello Ave in Hawthorn East garnered significant attention, ultimately selling for an impressive $600,000 above reserve, showcasing the strength of the current property market in Victoria. The property’s design, inspired by the renowned Tuscan region in Italy, was a major drawcard for potential buyers, attracting a total of five bidders. Leor Samuel from Gary Peer & Associates Carnegie highlighted the property’s unique appeal, emphasizing the owner’s passion for Italian architecture.

Meanwhile, latest figures from PropTrack revealed a preliminary clearance rate of 63.1% in the state, indicating a steady demand for real estate despite the winter season. Jeremy Tyrrell of Ray White Victoria and Tasmania shared insights on Melbourne‘s market resilience during the colder months, noting that even with reduced auction volumes due to school holidays, buyer interest remained strong.

In a separate notable sale, a charming Californian bungalow, listed by Ray White Brunswick‘s Jamil Allouche, exceeded expectations by fetching $100,000 above reserve. Allouche described the auction as highly competitive, with two determined groups driving the selling price to $1.29 million. This successful transaction underscored the ongoing buoyancy in Melbourne’s housing market.

Further east, a two-bedroom house in Box Hill High School zone also attracted significant interest, ultimately changing hands for $1.426 million. Jichen Quan, director of Ray White Burwood, highlighted the property’s prime location as a key selling point. With four bidders vying for the residence, the final sale price exceeded the initial expectations, reflecting the appeal of well-positioned homes in sought-after school zones.

Lastly, in Sydenham, a three-bedroom property in the

Chittenup Bend neighborhood achieved a successful sale, surpassing its $710,000 reserve to close at $800,000. Andrew Koulaouzos from Barry Plant Taylors Lakes noted the involvement of four bidders in the auction, showcasing the continued interest in the property market. With PropTrack predicting 724 auctions across Victoria in the upcoming week, the momentum in the real estate sector shows no signs of slowing down.