First-home buyers denied as Seaford house soars $95,000 past reserve
An original Seaford home which has seen better days has sold for almost $100,000 above reserve at auction.
The 34 Railway Pde home was a popular listing with its entry-level price to the beachside suburb.
It drew five bidders and fetched $655,000 on June 8, well above the reserve of $560,000, O’Brien Chelsea agent Vince Mirabella said.
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Seven groups turned up for the auction but only five managed to put in bids, including three first-home buyers and two developers.
“The unexpected result baffled me because I thought a first-home buyer would get it but then the developers turned up,” Mr Mirabella said.
“We had 76 groups through it and expected a first-home buyer would renovate and restore it to its former state.”
The three-bedroom home on 686sq m was built in 1960 and features details such as ceiling roses, picture rails and cornices, but needed a lot of work.
“It has potential as a two-unit site, subject to council approval,” Mr Mirabella said.
“The main attraction is the great location close to the beach and shops.”
The vendors owned it for 35 years and were delighted with the strong result, he added.
The bidding opened at $520,000 and ended with smaller $5000 and $1000 bids.
Over at 14 Park St in the same suburb, a young couple secured the keys to their first home.
Ray White Langwarrin director Nicholas Cassidy declined to disclose details of the June 3 sale other than that the vendors received well above the mid-$500,000 price they sought.
The property previously sold for $507,000 in 2016, sale records show.
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