Developer snaps up Coburg corner block 24 hours after listing, gives vendor $200,000 windfall
A COBURG home seller has pocketed a $200,000 windfall 24 hours after listing the property.
The house was sold for 20 per cent more than its 2015 purchase price.
In a rapid deal which surprised even the sales agents, four developers vied for the 645sq m corner block at 57 Bell St in a private boardroom auction, instead of the planned public event.
Biggin & Scott Inner North sales agent Tony Ciccarelli said the successful buyer now planned to build townhouses on the block, where a three-bedroom california bungalow stands.
“The home’s original owner passed away and it was sold by his son, but it had been in the same hands for two generations,” Mr Ciccarelli said.
“We’ve been renting the house out for the (new) owner but he was in a hurry to sell and it sold for above expectations, at least 20 per cent more than what he paid for it a year ago.”
CoreLogic figures show the property sold for $976,000 in May 2015.
TWICE THE TRADITION
Brunswick’s charm won over a local family and a young couple recently, with one home selling $100,000 above reserve.
At 5 John St, a three-bedroom home close to Lygon St and Sydney Rd sold for $910,000 to a couple.
Jellis Craig Brunswick director and auctioneer Rob Elsom said three people competed for the double-fronted Victorian house on September 24.
“We had a good turn out and a mix between buyers wanting to occupy the home, spending a bit of money on it and enjoying its location, plus a few developers,” Mr Elsom said.
“Bidding opened at $750,000 and it was on the market at $820,000.
“A young couple bought it and plan to live there.”
And at 9 Eveline St, another three-bedroom home attracted three bidders on the same day. It sold for $1.258 million.
Barry Plant Coburg sales agent Chris Kavanagh said an interstate buyer snapped up the home after a few minutes of post-auction negotiations.
“We’re seeing heaps of interstate vendors, with a lot of people buying from Sydney,” he said.
“It’s very common at the moment.”
Mr Kavanagh said the vendors had been at the home for about 46 years and renovated it completely about 20 years ago.
“They would like to stay in the area but they want to downsize,” he said.
SUBURB PROFILE: BRUNSWICK
HIGH SALE ON HILL
Meanwhile, there was fierce competition for a Pascoe Vale home on September 24, with five to six bidders vying for the property.
Nelson Alexander Pascoe Vale’s Michael Keogh said bidding for 7 Longview St jumped “all over the place” before it sold for $792,000.
“There was an opening bid of $650,000 and it was announced on the market at $690,000,” Mr Kavanagh said.
“Then we went down by $500 increments and up by $1000 increments.
“It was all over the place and the bidding was really spirited.”
The three-bedroom, two-level brick home was on an elevated 581sq m block in the Strathmore Secondary College zone.
Mr Kavanagh said the one-owner home’s “nice leafy location” and the lack of good properties on the market ensured it sold for a high price.
“Nothing had been done to it since 1971,” he said.
“The buyers were a local family upsizing from a unit.”
SUBURB PROFILE: PASCOE VALE