Young family buys $3.92m renovated heritage home in Kew in hot auction

A young local family paid $3.92 million for a charming clinker brick house in Kew at auction on Saturday, beating a buyer’s agent in what the selling agent called one of the first competitive auctions he had seen in months.

The five-bedroom home at 22 Ridgeway Avenue dates to about 1935 and retains its heritage character but has been updated and converted from a duplex into a family home with a gourmet kitchen, outdoor entertaining area, large windows and a landscaped garden.

The property was one of 570 scheduled to go to auction in Melbourne last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 58 per cent from 365 reported results throughout the week, while 67 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Two parties competed for the Kew home, which had been listed with a price guide of $3.5 million to $3.8 million.

Proceedings began at $3.5 million, which was quickly raised by an offer of $3.6 million.

After $3.7 million, the price rose in $50,000s and it soon passed the reserve of $3.8 million and sold under the hammer after a quick auction for $3.92 million.

Kay & Burton selling agent Scott Patterson said other potential buyers attended but did not get a chance to bid. Young families were the main demographic interested in the home, he said, noting it had several drawcards.

“I think the charm and character of the 1930s era, big rooms and solid brick construction,” he said. “Five bedrooms, three bathrooms, so it was a little bit more accommodation than you would usually find.

“The location is very popular too because at the end of the street there is quite a nice restaurant.”

There are also private schools nearby, he added, concluding it was a “popular location, charming property and nicely renovated”.

Patterson said buyers in the market more broadly had been hesitant and cautious.

“It was a breath of fresh air to be seeing healthy competition for a property like that,” he said. “It was one of the first competitive auctions we have seen in months.”

Elsewhere, an East Melbourne penthouse apartment close to the MCG passed in at auction on a vendor bid of $1.7 million.

The three-bedroom pad at 21/102-104 Jolimont Road had been listed with a price guide of $1.7 million to $1.8 million.