A single-level townhouse in Cheltenham’s Pennydale pocket sparked a fierce bidding war, selling for $1.465m amid growing confidence in Melbourne’s spring market.
A quiet Cheltenham court turned into a bidding battlefield as buyers from Melbourne, Queensland and New Zealand fought for a rare single-level townhouse.
The three-bedroom home at 16A Luxmoore St attracted strong interest from downsizers, interstate returnees and first-home buyers chasing the low-maintenance living opportunity in a tightly held pocket near Southland.
Ray White Bayside Group auctioneer Kevin Chokshi said competition was fierce, with a Queenstown-based first-home buyer securing the keys for $1.465m, above its $1.3m-$1.4m guide, at Saturday’s auction.
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“It was a really fun one,” Mr Chokshi said.
“We started at the bottom of the guide and had a Queensland buyer moving back to Melbourne, a local downsizer from Beaumaris, and our eventual winner tuning in from across the Tasman.”
Mr Chokshi said Melbourne’s lifestyle and momentum were now luring many expats back home.
The Smeg-equipped kitchen combines sleek stone finishes with a sunlit open-plan design, a major drawcard for downsizers chasing low-maintenance luxury.
A heated north-facing outdoor area and low-maintenance garden gave buyers year-round outdoor living, rare for single-level homes in Cheltenham.
“After Covid, plenty of people left for Queensland or WA, but we’re seeing them return almost weekly,” he said.
“They want that Melbourne buzz again, it says a lot about the strength of our market.”
The campaign drew 35 inspections across three weeks, with four serious repeat buyers and one building inspection.
“It was all genuine interest, no stickybeaks,” Mr Chokshi said.
Crisp contemporary finishes and premium fittings elevated the home’s bathrooms beyond typical townhouse standards, impressing lifestyle-focused buyers.
The three-bedroom home at 16A Luxmoore Street stood out as one of only two single-level properties in the entire court.
“That’s what we’re seeing now. Buyers are ready to act, not just browse.”
The home featured high ceilings, lime-washed floors, a Smeg-equipped kitchen and a seamless transition to a heated outdoor area, features Mr Chokshi said were increasingly hard to find.
“It’s one of only two single-level homes in the street,” he said.
Pennydale’s tree-lined streets sit minutes from Southland, Sandringham Beach and leading schools, combining bayside calm with urban convenience.
“If you miss one like this, you could be waiting months, and the next one won’t go for less.”
Mr Chokshi said confident bidders were returning to the market as sentiment improves.
“If buyers wait, they’ll be paying 2026 prices,” Mr Chokshi said.
“Rates might still be high, but the direction is down, and that’s all people need to feel confident and go hard.”
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