Chat with us, powered by LiveChatPreston auction: townhouse the ultimate gift from parents to daughter

Preston auction: townhouse the ultimate gift from parents to daughter

Loving parents have bought their teacher daughter the ultimate gift for when she scraps her HECS debt — a Preston townhouse they had to fight four other bidders for.

A lucky Melbourne teacher will get the keys to her first home once she’s finished paying her HECS debt, thanks to her generous parents.

Doug and Barbara Flett snapped up 21C Cynga St, Preston in a five bidder battle that pushed the two-bedroom townhouse $40,000 past reserve.

The auction opened with a $560,000 bid, rose quickly to its $650,000 reserve and kept going until it reached a $690,000 sale.

The loving parents had been looking since July for an investment property to turn over to their daughter, once she finished paying her student loans.

“She didn’t believe me when I called her (after the auction),” Ms Flett said.

Mr Flett considered the home fair value for money, after watching prices begin to escalate in recent weeks.

Vendors Georgina and Mark Zhang were also happy with the result.

“This will allow us to find something for a more affordable price before the market gets warmer,” Ms Zhang said.

Barry Plant Preston’s Fedele Dennaoui said the result reflected an increasingly active market, with first-home buyers competing with investors and downsizers for similar homes.

“There are more first-home buyers with their pre-approval ready to go,” Mr Dennaoui said.

He added that getting in ahead of a spring rush was also a wise decision by the vendor.

“There will be a few more properties out there in spring,” Mr Dennaoui said

Source: news.com.au