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‘Lots of money splashed’ across Melbourne’s inner north as market heats up

First-home buyers, investors and developers swoop on inner north homes

The auction market fired up in Melbourne’s inner north on Super Saturday with Barry Plant offices recording 100 per cent clearance rates.

Barry Plant Coburg/Brunswick finished a successful month on March 27 with all five properties selling under the hammer.

The office recorded a perfect auction clearance rate in March, according to director, Rocco Siciliano.

“It’s been a great month for us with all 21 properties sold at auction,” he said.

“Buyer numbers have tripled in the past two months with lots of money splashed around.”

A first-home buyer couple, one among three bidders, forked out $1 million for a three-bedroom house at 20 Ulm Street, Coburg North.

The amount that the quirky 1950s weatherboard home sold for was significantly above the owner’s expectations.

“This was an unexpected result for a property in a semi-industrial area,” Barry Plant Coburg/Brunswick sales agent Sam Gotzilianis said.

Defeating three bidders, another young couple snapped up their first home at 32 Elizabeth Street, Coburg, for $1.005 million – again at a price beyond the seller’s hopes.

“Bidding was very fierce and the property sold in less than two minutes,” Mr Gotzilianis said.

The brand new Hamptons-style townhouse attracted 160 groups to its open-house inspections.

A Mill Park investor bidding online snared a two-bedroom renovator’s delight at 48 A'beckett Street, Coburg, for $946,000.

Barry Plant Inner North group sold four out of four properties up for auction on March 27, including a three-bedroom house at 29 Charles Street, Preston.

Four bidders competed for the property, priced at $1.2-$1.28 million, which sold to a young family from Preston for more than $1.3 million, according to sales agent Alexander Magliolo.

“The bidding was slow to start with but took off once the property was declared on the market around the top end of the range,” Mr Magliolo said.

The house sold beyond the seller’s expectations because it was a quality build with high-end finishes and fittings, plus it was in a desirable pocket in the Preston High School zone.

In Pascoe Vale, three bidders, including two developers from neighbouring suburbs, battled for a three-bedroom house at 12 Northumberland Road, which sold for $1.085 million.

“In the end, the developers went head to head and the buyer from Glenroy won the keys,” Mr Magliolo said.

The property sold for a surprisingly high price because of its land size, wide 20m frontage, potential and prime location in the Strathmore Secondary College zone.

The buyer plans to establish a townhouse development on the site, Mr Magliolo added.

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