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Chelsea vendor cashes in on small home on large block

Real estate & property news
12 June 2024
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A two-bedroom townhouse in a Melbourne bayside suburb has snared an eye-watering sum at auction, thanks to its generous block size.

On 422sq m, the 2/38 Tarella Road, Chelsea, home was strongly contested by three bidders on June 1, the first Saturday of winter.

SOLD - 2, 38 Tarella Road, Chelsea

Towards the end of the auction, the battle between two first-home buyers pushed it to a $930,000 result, which was about $90,000 beyond the reserve.

Purchased for $151,000 in the 1990s,, the home also attracted buyers because of its location near the beach, Barry Plant Bayside agent Jake Mabey said.

“Locals and outsiders were interested in this property because Chelsea homes offer plenty of value compared with those in similar suburbs close to the water,” he added.

“The auction was very competitive as buyers were drawn to the block size of more than 400sq m.”

Priced at $790,000-$840,000 with a $840,000 reserve, the rear townhouse features an open floorplan and wrap-around garden. The beach, shops, cafés and train station are nearby.

At nearby Parkdale, 4 MacGregor Street sold under the hammer for more than $2 million.

SOLD - 4 MacGregor Street

Three bidders competed at the auction that opened with a $1.85 million bid, and the new owner won the keys with a knockout bid of $2.1 million.

With a $1.85-$1.95 million price guide, the well-presented property attracted more than 80 groups at the inspections, Barry Plant Bayside Partner Eva Cumming said.

“Good quality homes are in high demand and are seldom listed, and this home sold very well as a result,” she said

The four-bedroom property on 669sq m features a desirable floorplan, and comes with a basketball court and swimming pool.

Real estate & property news
12 June 2024
Save Article

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