Three-year hunt ends in Coburg North townhouse bidding battle victory
A first-home buyer couple ended a three-year house hunt at a Coburg North auction that shot $27,000 past its reserve.
But it was a nervous battle to get there, with three other bidders pushing 6/1-3 Ida St from a $720,000 vendor bid to the $797,000 eventual sale.
Hannah Aspinall and Jared Truscott watched the market go from boom to bust across their lengthy search.
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Yesterday the pair was thrilled to finally be holding the keys for the plus-sized, three-bedroom townhouse next to Merri Creek. Especially after being the underbidder four times during their hunt.
“We are so happy to be finished looking,” Ms Aspinall said.
After holding out for so long, the city’s market correction had given them a chance to get the right home — as opposed to being left behind as they were two years ago.
While vendor Con Trovato and his family were happy with the result, they were sad to sell a part of the townhouse development they had built where their mother lived for 30 years.
Named Stella Views for her, the family still owns two of the townhouses. They only sold No. 6 so they could reduce their children’s mortgages.
“It’s bittersweet to sell it, but we were just hoping for $780,000 — so this was our dream price,” Mr Trovato said.
Despite Melbourne’s sluggish property market they had been confident in a result because of the location and the effort they put into the build.
Nelson Alexander’s Steven Shaw said developers should take note of the result.
“This is one of the properties that is a great example for would-be developers to get it right,” Mr Shaw said.
“In this market that’s a pretty solid result — and it’s because there aren’t a lot of comparable properties in the area.
“And this result gives us a little more confidence. The market is stable and we have seen the worst of it — there’s potentially a bit of confidence coming back in for young couples.”
National Property Buyers buyers advocate Antony Bucello attended the auction and said the result showed buyers still faced competition in certain market segments.
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“Townhouses and villa units in the sub-$800,000 price range that are well located and well presented are proving to be very popular at the moment, particularly with first-home buyers,” Mr Bucello said.
“However they are finding that it is still quite competitive, even in the current environment.”