3B Showers St, Preston, attracted three bidders at a Saturday auction.
It was a race against time for a buyer who sold a home in Melbourne’s inner north before snapping up a new property in Preston just one hour later on Saturday.
Shortly after her Northcote pad went under the hammer at 10am, the woman purchased a three-bedroom townhouse for $950,000 at an auction which kicked off at 11am.
The Agency’s Jim Christou said the downsizing buyer inspected the abode at 3B Showers St a total of six times prior to the auction.
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“As soon as her home sold, she ran to this one,” Mr Christou said.
The townhouse fetched a sum $80,000 above the $870,000 reserve, which was at the top of the listed range.
“We had three active bidders and over 20 bids in total, starting at $830,000 with strong, steady increments right through to the final sale price,” Mr Christou said.
There were two to three other buyers hoping to bid who didn’t get the chance, he added.
More than 60 groups looked through the residence, featuring new carpets, plus a new stove, oven and rangehood, during the sales campaign.
The Preston townhouse features a main bedroom with an ensuite and balcony, an open-plan living and dining area, a kitchen with stainless-steel appliances and no owners’ corporation.
The vendor was selling the townhouse after renting it out during their 24 years of ownership.
Mr Christou said although the Reserve Bank of Australia had not cut rates earlier this week, most buyers were not fussed as their home loan assessments had already been approved based on current circumstances.
“So they weren’t moving forward thinking that there’ll be a rate cut,” he said.
He said having rates remain on hold was not a bad thing and provided the market with stability.
Five bidders competed for the keys to 97 Ramu Pde, Heidelberg West.
About 7km away from Preston, a house at 97 Ramu Parade, Heidelberg West, also sold under the hammer on Saturday.
Set on a 495sq m block, the three-bedroom, semi-detached home was advertised as ripe for renovation or as a potential development opportunity.
Nelson Alexander’s Nunzio Sulfaro said that out of the five bidders, two New South Wales-based buyers joined the auction over the phone.
“The house sold for $580,000 to a lovely young homebuyer who will rejuvenate the property to its former glory for him and his family,” Mr Sulfaro said.
The home was listed with $450,000-$495,000 price hopes.
The fixer-upper has a lounge room with a split-system unit, separate kitchen and meals area, a bathroom and rear laundry.
Apart from the two NSW bidders, the other buyers were from Preston, Coburg and Brunswick.
“They were upsizing, looking for the great value that Heidelberg West offers in comparison to those suburbs just across Darebin Creek,” Mr Sulfaro said.
“That was a story of the entire campaign in terms of where the majority of the buyers were coming from.”
He had the listing in conjunction with Parker Property Ready’s Cameron Parker.
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