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Inner northwest properties score eye-watering results

Real estate & property news
24 June 2024
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Properties in the inner northwest of Melbourne are achieving exceptional sale results.

Price expectations were smashed for California bungalow at five-bidder Preston auction when an opening bid that matched the seller’s reserve price has resulted in a standout auction result in Preston.

Five bidders turned up to bid for the three-bedroom, one-bathroom California bungalow at 26 Gillingham Street in the city’s northeast, on June 15.

SOLD 26-gillingham-street-preston

The property was called on the market soon after the auction started, and within 12 minutes more than 80 bids were made before the spirited contest led to a $1.63 million sale.

The price for the period charmer in West Preston’s most desirable pocket exceeded expectations as it sailed above the $1.3 million reserve.

The house on 469sq m was strongly contested by two bidders, according to Barry Plant Northcote, Thornbury and Preston director Loretta Khoo.

“They put forward more than 60 bids as they attempted to outdo each other, and the keys went to a young couple aged in their 20s,” she said.

The sales campaign attracted more than 80 people who looked through the property.

“It was an outstanding result, and most of the interest was from couples and families,” Ms Khoo said.

“It was really popular because it’s in a great family friendly location, close to public transport and parks.”

Sales records showed the property previously sold in 2020 for $1.08 million, giving it a price gain of $550,000 in four years.

Ms Khoo described the house as “neat and tidy” but needing “a bit of work”.

Featuring period details, including original Baltic pine floors, high ceilings and vintage light fittings, it has a spacious living area, updated kitchen, renovated bathroom and a large semi-paved and grassed backyard.

Meanwhile, winter results continued to defy market expectations in several suburbs, with strong results in Essendon West and Maribyrnong.

Competitive bidding saw 29 View Street, Essendon West, sell for $1.81 million, which was well above the seller’s reserve price.

SOLD 29-view-street-essendon-west

And a cutting-edge house with five bedrooms at 17A Hampton Road in the same suburb sold midweek for $2.05 million. The glamorous home has family living and entertainment spaces plus a pool.

SOLD 17a-hampton-road-essendon-west

And 15/52 Middle Road, Maribyrnong, a single-level two-bedroom unit, attracted interest from downsizers, first-home buyers and investors, and fetched $572,500 under the hammer.

If you're looking to buy or sell in the thriving inner northwest market, contact us today!

Real estate & property news
24 June 2024
Save Article

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