By Jim Malo
An ex-rental home that backs onto Coburg North’s Edgars Creek Parkland has sold for $1.11 million at auction on Saturday.
The three-bedroom house at 16 Golf Road needed to be updated after nine years as an investment property, which would include a restumping, but that didn’t deter four buyers from taking part in the auction.
“The reason for that is family homes are very tight on stock at the moment and locations like Golf Road, one of the best streets in Coburg North, is always very popular,” Ray White listing agent Ian Dempsey said.
He listed the property for sale with a quoted price range of $950,000 to $1.02 million. The auction began with a vendor bid of $925,000. The four bidders used small increments, between $2500 to $10,000 throughout the auction.
Dempsey said the reserve was $1,025,000. The sale price was $85,000 more than the reserve.
He said the buyers were a family who had been looking to buy their first home on and off for a few years.
The home needed to be restumped. Credit: Ray White
It was common for renters to buy ex-rentals at the moment, Dempsey said.
“We’re seeing a lot of this. The rental market is tough. Investors are getting out of the market ... and [renters are] all turning into home buyers,” he said.
It was one of 1031 auctions scheduled for Saturday.
A three-bedroom Fitzroy terrace sold in an auction-after-the-auction, after the home was passed in with no bids.
The house at 452 George Street was listed by Nelson Alexander agent Charlie Barham with a quoted price range of $1.55 million to $1.65 million.
Barham said buyers had been attracted to the home’s period charm.
“It’s a federation terrace in one of Fitzroy’s best streets, in the leafy, tree-lined end of George Street,” he said. “We had nearly 100 groups through the campaign because it was a genuine three-bedroom terrace.”
No one bid after a vendor bid of $1.55 million was placed, and three made offers after the auction, Barham said.
“It stands to reason if you’re at an auction with the intent to buy make sure you bid so you have the first right of refusal,” he said. “In this case, we dealt with multiple parties because no one put their hand up.”
The home sold for $1.67 million – $20,000 more than the top of the range. Barham said the buyer was an owner-occupier.
In St Kilda, a 20-year-old first home buyer beat four others, including three investors, to buy a one-bedroom unit.
The apartment at 6/59 Alma Road was a part of a small block of units, which all had been updated in 2007. It had been an investment property since.
Biggin & Scott auctioneer and listing agent Fraser Lack had given the home a quoted price range of $295,000 to $320,000.
Bidding started $290,000, the reserve was $315,000 and it sold for $370,000.
“It was the perfect recipe,” Lack said. “We’re talking a small older style building with very low outgoing costs, cheap to hold and cheap to maintain. It was well priced, showcasing really good value.”