Frankston North house price record: Local and interstate bidders battle for home at auction-packed auction

3 weeks ago 8

10-11 Timbertop Court, Frankston North - for herald sun real estate

Local and interstate bidders fought it out for 10-11 Timbertop Court, Frankston North at auction.

A hotly-contested auction has set a new house price record in Frankston North, smashing the previous benchmark by more than $100,000.

A local couple claimed the keys for $900,500, beating out four separate Sydney-based investors who were bidding via the phone at the weekend auction.

OBrien Real Estate Frankston Mark Burke said it was the first time that the house at 10-11 Timbertop Court had been offered for sale in more than four decades.

How a first homebuyer beat investors to this $885,000 Frankston home

Craigieburn family home score $21k above reserve in ‘red-hot market’

“We ended up having four phone bidders and about another four bidders on-site,” Mr Burke said.

Set on 1126 sq m, the four-bedroom abode features a covered patio, dual living areas and a kitchen with an Asko dishwasher, built-in oven and ceramic cooktop.

A local couple were over the moon to secure the keys.

“She jumped up in the air and did the Toyota jump,” Mr Burke said, referring to advertisements for the car company featuring actors jumping to the tune of “Oh, what a feeling”.

10-11 Timbertop Court, Frankston North, has landscaped gardens and a patio.

An Asko dishwasher, built-in oven and ceramic cooktop in the kitchen.

The $900,500 sold price ended up $108,000 higher than Frankston North’s previous $792,500 record set by 33 Bouvardia Cres in 2021, according to public records.

“It absolutely smashed that, I reckon it will take a while to beat,” Mr Burke said.

He said that prior to the past few months, getting multiple interstate-based investors interested in a property would have been unusual.

But with Melbourne home prices about 25 per cent behind Sydney’s, New South Wales buyers are looking to Victoria to secure a bargain.

“It seems to be that word’s got out that Frankston North is the jewel in the crown,” Mr Burke said.

He credited the suburb being a five-to-six minute drive to the beach, plus its good schools and bus services for its popularity.

The owners are planning to downsize.

Also on the weekend, a first-home buyer burst into tears of joy after purchasing a Craigieburn house for $677,000, a sum six figures above reserve.

Six bidders competed for the keys to the four-bedroom home at 34 Pines Way.

Ray White Craigieburn’s Vinny Singh said that the first $500,000 bid actually met the reserve, with the home listed for $480,000-$520,000 during the sales campaign.

The young buyer attended the auction alongside her father.

“She started crying, she was in tears when the hammer came down,” Mr Singh said.

“I think she had been looking to buy for about six months.”

The purchaser’s dad is planning to help renovate the home, which last sold for $65,000 in 1983, according to public records.

34 Pines Way, Craigieburn - for herald sun real estate

Six bidders competed for the keys to 34 Pines Way, Craigieburn.

Mr Singh said although renovating could be expensive, many first-home buyers in the area “don’t mind getting their hands dirty”.

They often aimed to purchase an older home on a large block, where they could update the residence, enjoy a large backyard or even subdivide.

“There’s a lack of supply in Craigieburn, especially the older part of Craigieburn,” Mr Singh said.

The new owner is planning to renovate with assistance from her family.

Also in Melbourne’s north, a newly built townhouse at 7a Walter St, Hadfield, fetched $812,000 under the hammer.

C+M Residential Pascoe Vale director Marwan Abdulwahed said two bidders participated in the auction for the four-bedroom pad with three bathrooms, an office and single-car garage.

“The buyer has sold their apartment and purchased this for a bit more land and a bit more space,” Mr Abdulwahed said.