First-time home buyer nabs Carlton Terrace for $1.5 million

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All of the bidders this time were homeowners, he said.

“Nobody wants to start, of course, but it worked out well,” he said.

All bidders were owner occupiers.Credit:Luis Enrique Ascui

“That first-time home buyer market, whether it’s $500,000 or $1.5 million like we had today, first-time home buyers are definitely there right now.”

In Hawthorn, a two-bedroom Art Deco courtyard apartment also sold above its price guide to first-time home buyers, for $950,000.

Five bidders competed for 1/18 Riversdale Road, which had a price guide of $750,000 to $800,000. The reserve was set at the upper end of the range.

A young couple saw the house for the first time that morning and then bought it, said Luke Saville of the Boroondara agency, adding that the sellers were “delighted”.

“AAA real estate is still doing very well, like in any market,” he said.

“There are not many offers for this type of property.

“The properties where there’s a dime a dozen are the ones that have really been hit hard.”

In Fitzroy North, a three-bedroom home with a north-facing backyard and room for renovation flew at auction and sold for $2.26 million.

Set on 302 square meters of land, 5 Newry Street attracted three bidders who fought hard and eventually sold to a professional woman who would not be intimidated by the tactics of a male buyer’s solicitor, said Nelson Alexander’s manager, Arch Staver.

The home was on the market last year with another agency, and Staver said it attracted an offer of around $2 million before buyers decided they weren’t ready to sell.

He described the market as “pretty uneven. Very good in some cases, extraordinarily disappointing in others.

“Some homes we really think are great value, some buyers don’t.”

In south Melbourne, eight bidders competed for a four-bedroom Victorian terrace for renovation that had been vacant for at least four years.

The home at 131 Nelson Road secured an opening bid of $1.65 million and sold for $2.24 million to a local homeowner after a relatively quick auction, said Sarah Wood of Marshall White.

She declined to reveal the stash, but said the proceeds would be donated to charity including one of the major hospitals and the National Gallery of Victoria.

Back on the North Side, eight bidders also competed for a contemporary home in Coburg North which sold for $871,000 to a homeowner leaving Sydney for work.

The price guide was $700,000 to $770,000 for the three-bed at 34 Pixel Circuit, and Ray White Preston’s Ian Dempsey said the seller was hoping for a price around the top end.

He said the recent interest rate hike and the election had proved headwinds over the past two weekends, but he believed buyers were ready to make decisions now that the election was over.

“There were a lot of inspections today, a lot of auction participation,” he said.

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“That market freeze that was there, buyers released it today. They have to buy something because their financial approval has run out.”

The buyer’s attorney, Jarrod McCabe, said any post-election confidence was more on the side of the sellers than the buyers. He attended two auctions on Saturday which passed on bids from sellers and believed both would have attracted competition six to 12 months ago.

The director of Wakelin Property Advisory visited 71 Rowe Street in Fitzroy North, which he described as one of the best streets in the suburbs, and said he had passed on a seller’s offer of 1.65 million against a quote range of $1.6 to $1.7 million.

He also went to 133 Roseneath Street, Clifton Hill, which had a quote of $1,575,000 to $1.65 million and passed on a supplier offer at the bottom of the range.

“There would have been people who would have collapsed at the end of last year to buy this property,” McCabe said.

“[The market] continues to slow down, which has been the case for a few weeks now.

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