Six bidders traded 27 bids for 36A Wallingford St, Cheltenham, pushing the two-bedroom townhouse $187,500 above its reserve.
A six-way bidding war has pushed a dated Cheltenham townhouse $187,500 above its reserve as buyers competed for scarce single-level stock.
The two-bedroom home at 36A Wallingford St sold under the hammer for $1.007m on Saturday after an opening bid of $850,000 immediately placed it on the market.
The property had an $820,000 reserve.
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A crowd of 131 watched as six bidders traded 27 bids for the one-owner home in Cheltenham’s Golden Triangle.
Area Specialist Cheltenham director Trevor Bowen said the auction attracted first-home buyers and downsizers, with its single-level layout helping broaden the buyer pool
The oversized living and dining zone helped broaden the home’s appeal among downsizers and first-home buyers seeking a single-level property.
He said buyers had been drawn to the home’s location, manageable size and potential to update it over time.
The townhouse had been carefully maintained by its owner but retained a dated interior, allowing the purchaser to move in immediately or renovate.
Mr Bowen said the result showed strong competition remained for homes that appealed to several buyer groups and were placed on the market at a clear, achievable level.
A central courtyard gave the compact townhouse private outdoor space while keeping the home low-maintenance.
The opening bid exceeded the reserve by $30,000, leaving buyers in no doubt the property would be sold.
The auction was conducted by Apollo Auction’s Greg Bryden.
The 283sq m property includes two bedrooms, two bathrooms and an automatic double garage.
The established garden framed the one-owner home, which was marketed as immediately liveable with scope for future updates.
It also has oversized living and dining areas, a large kitchen, a central courtyard, ducted heating and split-system cooling.
The sale followed another strong result in nearby Follett Rd, adding to signs of continued demand for low-maintenance homes in Cheltenham’s sought-after pockets.
The successful buyer paid $157,500 more than the opening bid and almost $190,000 above the vendor’s reserve.
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