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Sydney buyers swoop on Preston and Fawkner offerings

Real estate & property news
05 December 2023
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Out-of-towners snare homes up for auction in the northern suburbs. A New South Wales buyer has defeated three locals to win the keys to a California Bungalow in Preston.

The buyer flew down from Sydney for the auction and splashed $1.321 million on the charming four-bedroom period home at 24 Erin Street (pictured above) on the last Saturday in November.

There was competitive bidding among the four buyers, with two fighting it out at the end, according to Barry Plant Reservoir director Harry Kontossis.

“The Sydney buyer was keen to secure the property as their parents lived in the street,” he said.

“They will initially rent out the home and move in later.”

The property was well contested by the homebuyers who were attracted to its location, land size, and period style, Mr Kontossis said.

The strong contest pushed up the price and the property sold well above the expectations of the sellers who live in Shepparton and had rented out the property for the past 20 years.

About a century-old, the double-fronted timber house drew strong interest with about 120 groups inspecting the home.

Updated over the years, it features the original façade and ornate details of the era, including an open fireplace, bay windows, timber floors and high ceilings.

“It was a rare offering because there is a shortage of houses in the area,” Mr Kontossis said.

“There are more units and townhouses available.”

Mr Kontossis pointed to the two-bedroom unit at 5/15-17 Chaleyer Street, Reservoir (pictured below), which sold under the hammer for $601,000.

The entry-level home attracted three first-home buyers who bid strongly for the property and pushed the price above expectations.

“It sold to a young couple who had been hunting for their first home for a while,” Mr Kontossis said.

“This was their chance to bag an affordable property and get a foot in the Reservoir market.”

On the same day in Pascoe Vale, a three-bedroom house on 789sq m at 342 O’Hea Street (pictured below), was snapped up for $1.37 million, well beyond the seller’s expectations.

This was a successful auction that attracted five bidders, including homebuyers and developers, according to Barry Plant Coburg agent Jarrod Couch.

The bidders were drawn to the property’s land size and potential development, he said.

It offered a myriad of possibilities, including a multi-unit development or a knockdown-rebuild project for those wanting to create their dream home.

“The buyers were a couple who were living practically around the corner,” he said.

“They bought the home for family members who were relocating to Melbourne from regional Victoria.”

The deceased estate is in the sought after Strathmore College zone, and had been home to the same family for more than half a century.

“Three brothers got together to sell the property,” Mr Couch said.

And in Fawkner, four bidders, including young couples and families, battled for the four-bedroom house at 6 Hedley Street (pictured below), which was listed by Barry Plant Inner City Group agent Amrish Majeethia.

First-home buyers who were relocating from Sydney splashed $835,000 on the property, a price that exceeded expectations.

“This property achieved good, solid interest with about 40 groups inspecting the home,” Mr Couch said.

“The sellers are our agency’s long-term clients of more than a decade, and this is their third transaction with us.”

Real estate & property news
05 December 2023
Save Article

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