Traditional brick-veneer homes described as “nothing special” are achieving premium prices in Thomastown.
“They are nothing special, just your average brick veneer houses in need of an update,” he said.
“But they attract many buyers in today’s market who are looking for a blank canvas that allows them to add their own enhancements.”
Strong competition, particularly among buyers priced out of Preston and Reservoir, for a limited supply of homes was pushing up prices, Mr Constantinou said.
On June 12, a classic three-bedroom house at 1 Johnson Street, Thomastown, changed hands for $780,000, a whopping $130,000 or 20 per cent above the seller’s reserve.
“The fiercely contested auction saw seven bidders gunning for the home, and several others didn’t get the chance to raise their hands,” Mr Constantinou said.
“This conveniently located home attracted enormous interest from first-home buyers and investors, and the result got everyone in Thomastown talking.”
The one-owner home built more than 50 years ago was a deceased estate, and the auction date had been changed twice because of the lockdown, he added.
Also selling beyond its owner’s price hopes, a modest offering at 167 Main St, Thomastown, attracted three first-home buyers and sold before auction for $725,000 or $25,000 above the seller’s expectation.
“This is just another average brick-veneer house,” Mr Constantinou said. “But it is filled with potential and located in a popular pocket near shops, train station and two primary schools.”
Another older-style three-bedroom house at 28 Caroline Street, Thomastown, drew three first-home buyers and two investors who competed fiercely at its May 15 auction.
One of the investors who lived next door missed out to the other investor who splashed $720,000, a massive $100,000 above the seller’s reserve, on the home.
“This property was marketed as a Thomastown original and was offered for sale by its owners without modern enhancements,” Mr Constantinou said.
Also with potential for an update, a three-bedroom house at 3 Charlton Place, Thomastown, attracted five bidders to its May 22 auction, who pushed up the price to $695,000.
And on June 1, a three-bedroom house at 4 Graham Court, Thomastown, near Nick Asenzo Park, was snapped up for $666,500.
Mr Constantinou said young families responded positively to the home as it gave them the opportunity to move straight in and the potential to upgrade in the future.
“These recent sales results show the importance of obtaining experienced and objective advice from local Barry Plant agents when considering selling your home,” Mr Constantinou said.
“Consult someone who really knows your local property market before you start spending your hard-earned money at Bunnings. You may achieve a fantastic price with your home just as it is.”
“As our sellers have discovered, the right advice can not only get you a massive result, but it can save you a lot of money along the way as well.”