First time bidders splash $1.457m on single-fronted Northcote home
A young first home buyer couple who had been renting locally splashed $1,457,000 on a single-fronted Northcote house at auction on Saturday.
The north-facing, two-bedroom home at 23 Charles Street boasted a smart outdoor living space and attracted two bidders at auction.
It was one of 821 auctions scheduled in Melbourne on Saturday.
Bidding began at $1.32 million, within the quoted price range of $1.3 million to $1.4 million.
It quickly passed the reserve, which was set at the top of the range, Jellis Craig Northcote selling agent Nigel Harry said.
The winners beat another professional couple for the keys. For both parties, it was their first time bidding at auction, he said.
First home buyers purchased a single-fronted Northcote home for $1,457,000 at auction on Saturday.
He said the market in his area between $1 million and $1.5 million was proving popular, and that a period of steady interest rates had given buyers confidence.
“Since we have seen some stability around the [interest] rates, while there has been a significant increase in the last [two years], people can see there is light at the end of the tunnel,” he said.
“If they are in a position to manage … they have got more confidence to move forward and buy.”
In Greenvale, seven bidders fought it out for a four-bedroom house in front of a 60-person crowd, and a local family nabbed the property at auction for $695,000.
Bidding for 14 Alderbark Way kicked off at the low end of its $590,000 to $630,000 price guide, with all seven parties throwing out bids and slowly driving the price up to $640,000.
Ray White auctioneer Phillip Mercieca said the bidding really “took off from there”, adding that all active parties were young families and first home buyers.
“A lovely young family bought it, they have two young kids and live local. It’s their first home, I believe,” he said.
Mercieca said there was always “strong demand” for properties at this lower price point, especially for buyers looking to get into the market for the first time.
“Entry point pricing for a lot of first home buyers, that’s starting to creep up in these areas, but with this price point and low supply as well they’re always going to be popular,” he said.