Reservoir charmer lures buyers from inner suburbs
Three inner-suburb buyers have pushed a Reservoir house to fetch $132,000 above reserve.
The three-bedroom property at 14 Gill St set a new street record price of $927,000, easily eclipsing the previous record of $779,000 paid for 9 Gill St last year, sale records show.
The result was among 12 successful auctions in Reservoir out of 15 for the week ending September 8.
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Three properties were passed in, with the suburb holding the most number of auctions in Melbourne for the week.
The 14 Gill St home sold well because it had strong appeal among inner-suburb buyers looking for value and had a price guide of $750,000-$795,000, Nelson Alexander Reservoir agent Peter Stratakos said.
“If they were to buy in Northcote or Thornbury, it would cost much more,” he said. “So by looking a couple of kilometres away, they pay much less.”
Mr Stratakos added the bidding for the three-bedroom house, which had been fully renovated by a previous owner, was very quick after starting at $770,000.
The purchasers are first-home buyers currently living in Preston and were among 80 groups of buyers who had inspected the property.
The vendors walked away with a huge price gain of $327,000, having paid $600,000 for the 511sq m property in 2013.
The 1950-built cul-de-sac home offered stunning interiors with period details and spaces for modern family living.
The spacious lounge and dining zones accompany a sleek kitchen with stone benchtops and quality appliances.
It also has a rear sun room, fireplace, high ceilings, hardwood floors and an entertainment deck.
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