Reservoir: Nine bidders chase mansion thanks to key attribute – realestate.com.au

Nine bidders vied for the keys to a mansion in the Reservoir, where the lack of a legal entity caused the house to rise $54,000 above reserve on Saturday.

Ray White Preston director Ian Dempsey said the three-bedroom house sold for $831,000 after going under the hammer with a reserve of $777,000.

While most of the underbidders were first-home buyers, the successful buyer, a woman, was not, Mr. Dempsey added.

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While the 1/8 Barton St address close to the Reservoir train station and Edwardes Lake Park appealed, Mr Dempsey said the fact it was unincorporated was also a big attraction.

The townhouse features a courtyard and a master bedroom with an en suite bathroom and a built-in wardrobe.

Mr Dempsey said Reservoir and the surrounding area was in high demand after four of his listings sold in quick succession at back-to-back auctions on Saturday.

One of the properties, a five-bedroom house at 7 Excelsior St, was purchased by a couple who initially had no intention of moving to the suburb but were convinced by the facade of the historic house.

The Reservoir mansion features an open-plan living and dining area.

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Sliding doors open from the kitchen to an outdoor area.

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Inside, the home has high ceilings, decorative cornices, picture rails and original stained glass windows.

The family selling the house has been renovated over 20 years and are now moving to Phillip Island for a major change, Mr Dempsey said.

Four bidders pushed the price to $1.555 million after the home was advertised in a range of $1.3 million to $1.4 million.

The facade of 7 Excelsior St, Reservoir won over buyers who were initially looking to purchase in other nearby suburbs.

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The kitchen is equipped with a 900mm Smeg oven and wraparound benches and glass doors providing access from the adjoining living room to a sun-blinded terrace.

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In a ‘rapid-fire’ auction, a young couple secured the house in about 10 minutes.

“They were looking in that radius from Pascoe Vale South to Preston, but the facade of the house dragged them into Reservoir,” Mr Dempsey said.

“That Reservoir is very nice, and it’s on the border of Preston, so it was a bit outside their search criteria. However we introduced them to the house and they loved the lovely arched facade, the house was very well presented.”

3 Bolton St, Spotswood, is close to the Donald McLean Reserve, the shops and cafes of Hudsons Rd, Spotswood Primary School and Spotswood train station.

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In Melbourne’s western suburbs, a detached Victorian-era house at 3 Bolton St, Spotswood, changed hands for $840,000.

The Agency’s Mark de Brabander said that of four interested bidders, two raised their hands with a young buyer from the Bacchus Marsh area who demanded the keys.

On a quirky note, a cat he described as a local cat was among the crowds who came to watch the auction.

De Brabander said the federal government’s 5 percent down payment program for first-home buyers has increased the number of buyers in recent weeks.

Original wooden floor in the Spotswood house.

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“We’ve noticed a lot more first-time buyers signing up for real estate, which is great to see,” he noted.

But he said the current market could be difficult to gauge, with some homes selling well and others “just sitting on the sidelines.”

One of the owners of the house said they bought it as an investor property about 16 years ago.

“It was a very, very easy house to rent because of the location and the size,” she said.

She said the time was right to sell the house, and she and her partner planned to put some of the proceeds from the sale into their retirement.

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