The bright Art Deco home sold to a young family for $1,407,500.

Two young families went neck and neck for a Preston Art Deco home, which sailed more than $250,000 above its reserve price at auction.

With a soft-yellow decor, lush surrounding gardens and a position across from Larkins Reserve, the circa 1935 property at 7 Dunstan St sold for $1,407,500.

Nelson Alexander Preston agent Michelle Portelli said the property had been renovated and extended in the late 1990s.

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The open-plan kitchen, living and dining room at 7 Dunstan St is filled with natural light.

The backyard features a large lawn and lush gardens.

The comfortable lounge room.

“We had someone bid at $950,000, and the next bid was $1.15 million. From there, we had two buyers compete to the sale price of 1,407,500. I think they were going up in $10,000 bids to the end,” Ms Portelli said.

“The bidders were drawn to the home’s location, accommodation and (640sq m) land component.

“And the buyer will live in it the way it is.”

The property — which includes a weatherboard facade, three bedrooms, a lounge room with a fireplace and an open-plan living domain — was sold by vendors who had lived there for 13 years, and were looking for a coastal change.

Ms Portelli said the sale price was strong because there was not a great deal of stock on the market.

“We’re hopeful that stock will pick up soon,” she said.

The dining room opens to the outdoor entertainment area.

Plenty of seating space on the deck.

One of three bedrooms.

Meanwhile, a California bungalow on a 789sq m block at 18 Kipling St, Moonee Ponds sold a few weeks before auction for $1.65 million.

The selling price — which exceeded the $1.45-$1.55 million price range — was “too good to refuse”.

Nelson Alexander Ascot Vale agent Orazio Caddeo said the buyers would live in the home while they built a new property nearby.

He said it would then be used as an investment.

“California bungalows in these streets rarely come up … and the large size is the stand out feature,” Mr Caddeo said.

The California bungalow at 18 Kipling St has a weatherboard facade.

The dining room opens to the courtyard.

The kitchen is equipped with a granite benchtop and Smeg and Bosch appliances.

“The property was renovated about 17 years ago, but the front wasn’t touched, and it needs to be brought to life.

“It is ideal for improvements down the track.”

Mr Caddeo said the vendors were moving to the country, and looking to downsize.

He added that the Moonee Ponds market was going “okay”, with good buyer interest but low available stock.

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