This three-bedroom house at 37 Pavo St, Belmont, sold at auction for $706,000.
An early stampede to inspect an original Belmont home sparked an immediate price rethink after highlighting the depth of demand for bargain buys.
Hayeswinckle agent Matthew Roberts said 75 groups attended for the first open at the three-bedroom house at 37 Pavo St.
The “silly” turnout prompted him to raise the price of the long-term investment property from the mid to high $500,000s to $600,000 to $650,000, before eventually selling it at auction for $706,000.
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Hardwood floors feature in the north-facing lounge.
“We still had really good numbers, more than 120 groups over the course of the campaign,” Mr Roberts said.
“I don’t know if it’s testament to the fact there’s a little bit lower supply, especially in that sub-$650,000 market. In Belmont at the moment there seems to be a bit of stuff in the market above that and this was definitely a renovator’s delight.”
Five bidders contested the 658sq m property at the auction, looking past its faux brick cladding to its location just a stone’s throw from Belmont High School.
After beating the $650,000 auction reserve, it sold to a serial fixer-upper who will look to upgrade the home and add value over time.
The kitchen is basic, yet functional.
The backyard is a blank canvas with side access to a stand-alone garage.
Mr Roberts said even with the price concession, the work needed to modernise was too much for some potential buyers.
“I believe it had been restumped, that was one good thing,” he said.
“The person that we sold it for she is from Melbourne and she had it as an investment for the past 18 years and it was in fairly good nick but original condition.
“It was in liveable condition but there was a pretty large cohort of buyers that came through and just said ‘nah’, it’s to much for me, which is probably pretty smart.”
The floorplan includes a north-facing lounge and open-open kitchen/meals area, a central bathroom and built-in wardrobes to all three bedrooms.
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