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First-home buyer bidding frenzy in Melbourne’s north

Rush for homes as prices soar in Melbourne’s north and north-west

Buyers determined to secure their first home have bid ferociously at auctions in Melbourne’s north and north-west.

These buyers were desperate to get a foot in the door before property prices rose and the government’s HomeBuilder grant closed on March 31, according to Barry Plant Thomastown’s George Stavrakis.

In Lalor, five first-home buyers battled for the older-style three-bedroom house at 370 Edgars Road, on March 13.

Within five minutes, the 21 groups who attended the auction heard the price fly $80,000 past its $570,000 reserve to sell for $650,000.

About 60 groups, including first-home buyers and investors, inspected the house during the sale campaign. “They were attracted to its location near Costco, the Northern Hospital and Pacific Epping shopping centre, plus its renovation potential,” Mr Stavros said.

“One of the bidders who loved the retro kitchen missed out on the day.”

In Thomastown, two first-home buyers went head to head in the battle to win the keys to a modern two-bedroom townhouse at 40 Highlands Road.

The move-in-ready home in a prized location near High St and the train station sold for $490,000, at the owner’s reserve price.

Nearby in Reservoir, five bidders, mainly first-home buyers, competed for a two-bedroom townhouse at 30 Corben Street, which sold for $750,000 or $50,000 above the owner’s reserve.

The smart home with designer finishes sold to a second-home buyer from Preston, according to Barry Plant Reservoir’s Ross Kontossis.

Recent auctions in the Reservoir area also achieved results beyond their owners’ expectations, including two-bedroom homes at 3/3 Jean Street and 1/137 North Road, which sold for $610,000 and $660,000 respectively last weekend.

The six properties Barry Plant Reservoir has up for auction on March 20 and 27 are expected to sell well, Mr Kontossis added.

Auctions in Melbourne’s north-west also attracted strong bidding, according to Barry Plant Caroline Springs’ Las Anastasiadis.

Five second-home buyers competed for the four-bedroom house at 12 Whyalla Place, Burnside, that was priced at $730,000-$770,000 and sold for $810,000.

“This was a great result as there is huge demand for this type of family home in this area,” he said.

Nearby in Burnside Heights, first-home buyers from St Albans snapped up a four-bedroom house at 36 Menzies Drive, before it went to auction on Saturday. With a price guide of $580,000-$620,000, the property sold for $650,000.

The family who fell in love with the property after the second open-house inspection, made the vendors an irresistible offer a week before the auction.

“The market is looking up in the area and the auctions this weekend in Taylors Lakes and Delahey are attracting strong interest from first- and second-home buyers,” Mr Anastasiadis said.