First-home buyers splash out on million-dollar Wantirna South home
More first-home buyers with seven-figure budgets could bring big results to vendors.
Of five bidders at a Wantirna South home that fetched $1.205 million, three were seeking to own their first home.
“The number of buyers able to pay big money for their first home has been growing,” OBrien Wantirna director Geraint Gardner said.
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“Such buyers able to bid huge sums is becoming more common.”
He noted that the profile of such buyers had also changed with many more first-home buyers now in their 30s.
“The age profile has now pushed out to the 30s, when in the past people bought their first home when they were 24 or 25,” Mr Gardner said.
“And with assistance from family and more years of saving up, these buyers have larger budgets.”
All this was helping vendors get better prices with more bidders, he added.
At the September 9 auction of 24 Townview Ave, a young couple ended their eight-month long search to own their first home.
Sitting out the auction were another five potential buyers as the auction ended after 21 bids.
The renovated property had been very popular during the campaign with more than 150 groups at inspections.
It is understood the property had a reserve within the $1-$1.1 million price guide.
Mr Gardner said strong buyer interest had seen many properties in Knox suburbs sold well above reserves.
“The vendors were very happy with the price and had been keen to take the property to auction,” OBrien Wantirna agent Nick Tang said.
The property was on the market for the first time since the vendors paid $62,000 for it in 1988, sale records show.
In August, nearby 20 Townview Ave fetched $1.086 million from an original purchase price of $120,400, also in 1988.
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