3B Showers St, Preston, attracted three bidders at a Saturday auction.
It was a race against time for a buyer who sold a house in Melbourne’s north before buying a new property in Preston an hour later on Saturday.
Shortly after her Northcote property went under the hammer at 10am, the woman bought a three-bedroom townhouse for $950,000 at an auction that started at 11am.
The Agency’s Jim Christou said the downsizing buyer inspected the home at 3B Showers St a total of six times prior to the auction.
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“As soon as her house sold, she ran to this house,” Mr. Christou said.
The mansion fetched $80,000 over the $870,000 reserve, which topped the list.
“We had three active bidders and over 20 bids in total, starting at $830,000 with strong, steady increases all the way through to the final sales price,” Christou said.
There were two to three other buyers who were hoping to bid but didn’t get the chance, he added.
During the sales campaign, more than 60 groups looked through the house, which was fitted with new carpeting, a new stove, oven and extractor hood.
![3B Showers St, Preston - 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 Preston townhouse features a master bedroom with en suite bathroom and balcony, an open-plan living and dining area, a kitchen with stainless steel appliances and no owner partnership.
The seller sold the mansion after renting it out during the 24 years of ownership.
Mr Christou said although the Reserve Bank of Australia had not cut interest rates earlier this week, most buyers were not concerned about that as their home loan valuations had already been approved based on current conditions.
“So they didn’t move forward thinking there was going to be a rate cut,” he said.
He said leaving interest rates unchanged was not a bad thing and offered stability to the market.
Five bidders competed for the keys to Ramu Pde 97, Heidelberg West.
About 7km away from Preston, a house at 97 Ramu Parade, Heidelberg West, was also sold under the hammer on Saturday.
Situated on a 495 square meter block, the three-bedroom semi-detached house was advertised as ripe for renovation or as a potential development opportunity.
Nelson Alexander’s Nunzio Sulfaro said of the five bidders, two New South Wales-based buyers participated in the auction by telephone.
“The house sold for $580,000 to a lovely young home buyer who will restore the property to its former glory for him and his family,” Sulfaro said.
The home was listed with a price expectation of $450,000 – $495,000.
The fixer upper has a living room with a split system unit, a separate kitchen and dining area, a bathroom and a laundry room at the rear.
Apart from the two NSW bidders, the other buyers were from Preston, Coburg and Brunswick.
“They were upsizing, looking for the great value that Heidelberg West offers compared to the suburbs across Darebin Creek,” Sulfaro said.
“That was a story of the entire campaign in terms of where the majority of buyers came from.”
He ran the ad with Cameron Parker of Parker Property Ready.
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