Ray White Glenroy’s Sebastian Rello with seller Ben Briggs and first-home buyers Hayden Rayner and Monique Nagle after the $705,000 Pascoe Vale townhouse sale. Photo: Ray White
A young couple’s six-month search for their first home has come to an emotional end in Pascoe Vale, with 3/8 Stewart St selling $25,000 above the advertised price guide after a fast-tracked campaign and a tightly contested auction.
The two-bedroom townhouse changed hands for $705,000 under the hammer, with three active bidders among eight registered on the day, all of them owner-occupiers.
Ray White Glenroy’s Sebastian Rello said the result was fuelled entirely by first-home buyer demand.
RELATED: Revealed: Why ‘boring’ homes are boring
Arts Centre ties to $1.7m+ Melb sale
‘Not a shoebox’: Windsor buyer wins big
“All owner-occupiers. Not a single investor. It was a genuine first-home buyer market today,” Mr Rello said.
The new owners, Hayden Rayner and Monique Nagle, had spent the past six months looking for the right home before securing the keys.
“We were attracted to this property because of its homely feel — we’re actually renting something similar,” Mr Rayner said.
The bright open-plan living area in the Pascoe Vale townhouse flows to a full-width balcony, offering space rarely found in first-home buyer price brackets.
The renovated central bathroom includes modern finishes and neutral tones, adding move in ready appeal for young buyers searching in Melbourne’s north.
“We like the area and being close to the station. It’s been a long time coming … now we can finally focus on other things, like a wedding.”
Set in a boutique block of just five homes, the property features two downstairs bedrooms with built-in robes, a renovated central bathroom, full-sized laundry, study nook and remote lockup garage.
Upstairs, a light-filled open-plan living and dining area flows onto an oversized balcony — a major drawcard during inspections.
“The outdoor area really helped push the price,” Mr Rello said.
The private courtyard offers a low-maintenance grassed area with direct access from the garage, a rare feature in entry-level Pascoe Vale townhouses.
One of two ground-floor bedrooms, complete with built-in robes and split system heating and cooling, ideal for first-home buyers or downsizers.
“It sat directly over the garage and was essentially the size of another living room. Buyers loved the idea of covering it in the future, subject to owners corp approval.”
Mr Rello said the campaign was originally set to run four weeks but was shortened to three after a strong surge of early interest.
“We had over 50 inspections in just three weeks — 13 midweek groups and another 23 on Saturday in week one alone,” he said.
Tucked in a boutique block of five, 3/8 Stewart Street, Pascoe Vale sits just 350m from the train station and in the Strathmore Secondary College zone.
“With that sort of traction, we felt it was better to bring the auction forward and capitalise on the momentum. The seller made the call, and it paid off.”
He said the decision helped capture rising buyer urgency across the market.
“Over the past month, we’ve seen a real shift. Buyers are more intentional, and if you don’t act on that interest early, you risk losing them,” Mr Rello said.
The modern kitchen features ample benchspace and cabinetry, positioned alongside a dining zone perfect for low-maintenance living and entertaining.
Despite the Reserve Bank holding steady this month, Mr Rello said expectations of a rate cut later this year were already influencing buyer behaviour.
“If you find something you like — go for it. Don’t wait,” he said.
“Once interest rates drop, we’ll likely see even more competition and pressure on stock. The smart buyers are getting in now, before that happens.”
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: Warning for Vic homebuyers after dud rate call
Melb property market tipped to hit new record
Boxing champ chases seven-figure payday
david.bonaddio@news.com.au
English (US) · 