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Reservoir luxury duplex sells $111,000 above reserve

Real estate & property news
23 March 2023
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First-home buyers drive up price for Wollert family home in hot auction

Reserves were smashed and records broken as homes in Melbourne’s north sold beyond expectations at mid-March auctions.

First-home buyers splashed big bucks on properties in Reservoir and Wollert, as they defeated multiple bidders at auctions held on March 18.

Setting a new benchmark in quality and style, a brand new four-bedroom home at 18 Foch Street, Reservoir, sold under the hammer for $1.611 million, eclipsing the seller’s reserve by a whopping $111,000.

This is a record-breaking price for a duplex in the area, according to Barry Plant Reservoir agent Ross Kontossis.

The auction attracted a large crowd who watched five bidders, including downsizers, upgraders and first-home buyers, battle it out for the property.

“The bidding took some time to get going,” Mr Kontossis said.

“But it got pretty fierce towards the end when first-home buyers from Ivanhoe went head-to-head with upgraders from Coburg.”

The Coburg family was no match for the young couple who had relocated from America and were renting in Ivanhoe.

“They had been hunting for their first home for a while,” Mr Kontossis said.

“And this one ticked all the boxes for them.”

The property attracted strong interest, with 60 groups inspecting the home.

A stunning creation by MDJ Property Group, the luxurious home is in the coveted Oakhill Estate, just metres from city-bound trams, train station and cafes.

In Wollert, four first-home buyers competed for a three-bedroom house at 9 Yumbarra Parade, which sold above the sellers’ expectations for $628,000.

The property attracted first-home buyers because of its price point and presentation, according to Barry Plant Thomastown agent Michael Stamboulidis.

“The home was well maintained and a credit to its owners,” he said.

“The buyers loved that it was move-in ready and in a new estate near shops and schools.”

A young couple living in a nearby suburb defeated a buyer from Thornbury to win the keys to the property, which features a stunning decked alfresco area.

Attracted to the affordability, diverse variety of homes and wealth of amenities, first-home buyers were active in the area, according to Mr Stamboulidis.

“While they are still cautious, they are taking advantage of the market, which is bottoming out,” he said.

Real estate & property news
23 March 2023
Save Article

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