The property at 155 Lincoln Road Croydon sold for $600,000 on December 10.
A SHORT and sharp auction in Croydon has resulted in a sale price well above reserve and demonstrated first-home buyer demand for the suburb.
The property at 155 Lincoln Rd went under the hammer on Saturday, December 10.
McGrath Croydon principal Paul Fenech said a crowd of almost 70 people flocked to the sale.
“We had a big crowd of investors and first-home buyers, and two buyers fought it out,” Mr Fenech said.
“It was all over in 11 minutes — the bidding went really quickly.”
“It sold for $600,000, so for a three-bedroom renovated home on 415sq m it was really good,”
“It was well over reserve, so the vendors were really pleased.”
Mr Fenech said both bidders were first-home buyers from the local area.
The home was set back from the road on a low-maintenance block and had a shared driveway.
It had been completely renovated, and included contemporary finishes throughout.
The chic, contemporary kitchen was a standout feature of the renovated home.
Mr Fenech said the transformation had especially appealed to young buyers.
“Everything had been done in it — there wasn’t anything left to do,” he said.
Strong price growth in the area has meant many properties in the suburb have become beyond the reach of most first-home buyers.
Croydon’s median house price was $670,000 in September 2016 according to CoreLogic, representing an increase across the previous 12 months of $95,000.
Mr Fenech said that when opportunities within first-home buyer budgets did come up in Croydon, they were especially sought-after.
“Properties between $500,000-$600,000 in the area really attract first homebuyers,” he said.
“Anything with nothing to do sells really well — homes that need work have been selling quite well but renovated homes even more so.”
SEE SUBURB PROFILE: CROYDON
