First-home buyers and investors flocked to Melbourne’s north-west at the weekend to compete at auctions from Kings Park to Braybrook.
Barry Plant St Albans scored a 100 per cent clearance rate on March 20, with four homes sold under the hammer, including 7 Leavesdon Avenue, Kealba, which was snapped up for $685,000.
The three-bedroom house sold $85,000 above the owners’ expectations because it was fully renovated and tucked in a tightly held pocket, according to sales manager Alex (Chau) Tran.
In an action-packed auction, three first-home buyers competed fiercely for the home.
“The price jumped $50,000 in three bids and sold in less than 10 minutes,” Mr Tran said.
The property that featured a new bathroom and kitchen, plus a decked outdoor entertainment area with a spa, attracted 64 groups during the campaign.
“It is also in a nice spot popular among younger buyers as it is near Keilor Downs shops, Brimbank Park, Calder Freeway and airports,” Mr Tran said.
Nearby in St Albans, four bidders battled for 464A Main Road West that was snared by an investor for $785,000.
The property sold $85,000 above the owners’ expectations because of its rental and development potential, plus location near shops, transport and Victoria University, Mr Tran said.
“The house is on a sizable 698sq m block with room for a future townhouse development,” he said.
The market is going strong in St Albans with the median house price up 2.6 per cent to $610,000 since October last year, according to Mr Tran.
“This area has been undervalued but interest has increased over the past few months, mainly because of the infrastructure development,” he said.
In Kings Park, a three-bedroom house at 38 Braeside Road was snapped up by a first-home buyer from Docklands for $519,000.
Three bidders seeking to secure their first home competed for the well-maintained house in original condition, near bus stops, Gilson College and Delahey Village shops.
“The buyer plans to rent out the property for now for an estimated $330 a week,” Mr Tran said.
Also in Kings Park, two first-home buyers and a local investor competed for a stylishly updated home at 7 Tullus Court with a $580,000-$610,000 price.
After a spirited contest, the investor won the keys to the home for $640,000, according to auctioneer Alan (Cuong) Au.
“The property sold well because it was kept in immaculate condition and was ready to rent out,” Mr Au said.
The market is gaining momentum in the area with strong attendances at open-house inspections and properties achieving stellar results at auctions, local agents said.
“Homes in the west are affordable and positioned close to the CBD, airports, public transport, schools and universities,” Mr Au said.