8/383 Gilbert Rd, Preston, sold to the only person who bid on it, despite several bidders in the crowd.
An auction in Preston has proven that it only takes one bidder to make a sale.
The two-bedroom unit at 8/383 Gilbert Rd, Preston, sold during post-auction negotiations for $475,000 – above the house’s price guide, and $20,000 more than where it was passed.
The one-time sale was a case of history repeating itself: Owner Archie Garcia paid $275,000 for the same device nearly 20 years ago while on his way to a basketball game.
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“The house was supposed to hit the market in a few weeks and I put in an offer,” Mr. Garcia said.
“Before I started the match, I had it. I remember I won because I was a little confused, but I played well.”
He was in his mid-twenties at the time and had only been in the job market for a few years. He said his first home purchase was a “terrifying” moment.
But he had great confidence in the location, having grown up there after his family emigrated from the Philippines during his youth.
![8/383 Gilbert Rd, Preston (high resolution) - for Herald Sun Real Estate](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
The open plan living in the unit suits the modern lifestyle.
A rare courtyard garden that belongs to the apartment makes it stand out.
“But I remember there was a three-bedroom townhouse on High St that cost $650,000 and I thought that was insane, so when I saw this I thought ‘yeah, that’s expensive, but not as much as the other house’,” Garcia said.
With a courtyard, close proximity to Preston Market and family and friends living in the area, it was a perfect base for him for three years before becoming an investment property.
“Every five years I thought about selling it, and every five years I thought no, because I wanted to keep it. I thought this could be the house my wife and I live in when we downsize, and I really like the area.”
But with the house sold yesterday, he made plans to take family and friends out to dinner to celebrate.
A well-maintained kitchen is ready for the next owner.
Spacious bedrooms provide plenty of space in older style apartments such as the Gilbert Rd offering.
Fletchers Inner North senior associate Dennis Dellas said while two first home buyers who had expressed interest were in the crowd, they had chosen not to bid, leaving an investor to claim the keys.
“A few other bidders might have gotten the price to $495,000… but what we got is a fair market price,” Mr Dellas said.
“But the thing is, some first-home buyers are still looking for the perfect home, and that doesn’t happen anywhere in life, not just in real estate.”
Fletcher’s chief operating officer Jeremy Tyrrell said auctions delivering results in Melbourne’s north bode well for a strong finish to the year, with homes already booked to go under the hammer as late as December 20.
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