Thornbury auction: Edwardian home smashes reserve by $260K
An enormous crowd tuned in to the sale of a freestanding Edwardian in Thornbury, which eclipsed its reserve by a whopping $260,000.
Research fellow for the Australian Council for Educational Research, Greta Rollo, her partner and their three children have lived at 24 Raleigh St for about 13 years.
With about 300 people in attendance, the property sold for $1.46 million in what Ms Rollo said was a “fantastic result”.
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The auction began with an opening bid of $1.21 million, hit $1.3 million after about 30 seconds before wrapping up in just 14 minutes.
Nelson Alexander Northcote agent Robert Enes said it was one of the largest crowds he had seen at an auction.
He said there were 200 inspections throughout the campaign, and about 10 buyers weren’t able to participate because of how quickly it went.
“It was the only home for sale for about four weeks on the eastern side of High St in Thornbury. When buyers have no choice, they compete for what is available,” Mr Enes said.
“The property was extremely well presented, and the vendor’s expectations were quite conservative, so it was competitively priced.
“The buyer was a first-home buyer expecting a baby, and wanted to buy before the bubs came along.”
Ms Rollo said when she moved in, there were few period features and a gurgling sound could be heard from the open drain under the floor.
They comprehensively renovated — adding a bedroom and changing the bathroom — to suit their family’s needs.
“It’s the kind of home that is not too big and not too small, and it’s in a great location,” Ms Rollo said.
“There isn’t too much to maintain, but there’s enough garden, a beautiful courtyard that gets lots of sun and enough backyard to put up the swing, trampoline and all the accoutrements that come with children.”
She said the main reason for the sale was the fact that her family had gotten bigger.
“Our five-year-old is now 18, and there are a number of friends hanging out here. We wanted to make sure that everyone is comfortable, and not intruding on other people’s space too much,” she said.
“We were lucky enough to find a place in the neighbourhood but, other than that, the home is hard to leave. It ticked so many boxes, and other people could see that straight away, hence the fantastic result.
“But, as our kids are moving to the next stage of (their) development, it’s a new chapter and a new phase of life for us.”
Mr Enes said the market in Thornbury was very active, and there was renewed optimism from buyers who had entered the market.
But he said there was a severe lack of stock available.
“Come spring time, there might be a rush to sell … but right now (the market) is very strong,” he said.
The property last sold for $376,000 in April 2006, according to CoreLogic.
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