Real Estate

Five families push retro Ivanhoe home $405,000 above reserve

12 Marshall St, Ivanhoe has an authentic 1970s style.

A 1970s vintage home has soared $405,000 above reserve in a five-bidder contest in Ivanhoe.

The 12 Marshall St property sold to a local family, who had missed out earlier in their year-long search, for $2.205 million.

The family will renovate and extend the four-bedroom house on 1068sq m, which had been in the same family since 1975.

12 Marshall Street Ivanhoe
Check out the wallpaper and light fittings.

12 Marshall Street Ivanhoe
More vintage style in the bedrooms.

“It took just nine minutes for it to sell and all five bidders were families looking for a large home,” Nelson Alexander Ivanhoe auctioneer James Labiris said.

“Prices in Ivanhoe have been down but it looks like prices are going up again.”

The one-owner home had price hopes of $1.7-$1.82 million, but the house went on the market with the opening bid of $1.85 million — $50,000 beyond the reserve, Mr Labiris said.

“It sold well because it was a good landholding with views and because the market is getting stronger,” he noted.

12 Marshall Street Ivanhoe
More vintage style in the bedrooms.

“It took just nine minutes for it to sell and all five bidders were families looking for a large home,” Nelson Alexander Ivanhoe auctioneer James Labiris said.

“Prices in Ivanhoe have been down but it looks like prices are going up again.”

The one-owner home had price hopes of $1.7-$1.82 million, but the house went on the market with the opening bid of $1.85 million — $50,000 beyond the reserve, Mr Labiris said.

“It sold well because it was a good landholding with views and because the market is getting stronger,” he noted.

12 Marshall Street Ivanhoe
The neat and bright kitchen.

12 Marshall Street Ivanhoe
More wallpaper in the dining room.

Another factor was the lack of supply and rising demand for quality properties.

“There are usually more listings but it has been very quiet,” Mr Labiris said. “Buyers now have more confidence to spend, with banks supporting them to bid and buy.”

The house is spacious and in good condition and offers views to the Dandenong Ranges close to parklands and schools.

12 Marshall Street IvanhoeThe rumpus area.

12 Marshall Street Ivanhoe
The bathroom has tilework and floral wallpaper.

It retains handcrafted cabinetry, retro wallpaper and light fittings, plus an artist’s studio on the lower level.

As an indication of the rising buyer sentiment in the area, the agency sold all four properties at auction on August 17.

The median house price in Ivanhoe was $1,300,500 in the 12 months to May, CoreLogic data shows. The median price fell 22.6 per cent over the period.

Source: Five families push retro Ivanhoe home $405,000 above reserve
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