Add CategoryA pair of downsizers have outbid six young families to snare a post-war Preston home.
The 42 George St property, held by a family since 1973, sold $165,000 above the reserve for $935,000.
“Similar homes in the area have sold for low to high-$700,000s, so this property did very well for the vendors,” Nelson Alexander Preston agent Colin Abbas said.
“I still have people calling me up to ask how we got that price.”
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The living room at 42 George St, Preston.
The kitchen is ready for an update.
He attributed the huge result to strong competition with limited supply in the market.
“It had a guide of $700,000-$770,000 with the reserve at the top of the range,” Mr Abbas said.
“There were seven bidders and a few more buyers present and a couple downsizing from the eastern suburbs beat all the young families bidding.”
The post-war home built for returned servicemen retains a period charm and also offers potential to enhance and expand.
8-10 Arbor Ave, Reservoir has lovely gardens.
The agency also notched a strong result for a 1950-built home at 8-10 Arbor Ave, Reservoir, which fetched $1.29 million.
It gave the long-time owners $230,000 above their reserve. Sale records show the property was purchased in 1996 for $152,000 and a pool and spa were added in 2010.
The property had 140 groups at the inspections and took almost 50 minutes for a new owner to emerge at the auction.
The poolside area at the Arbor Ave home.
It has plenty of outdoor entertainment space.
“Bidding started at $1 million and rose quickly till $1.15 million but then slowed with smaller $1000 and $500 rises till a final $2000 rise ended the auction,” listing agent Peter Stratakos said.
“Buyers were attracted to the unique features of the 950sq m property, which has a pool and entertaining area and beautiful gardens.”
The purchasers are moving in from a nearby suburb, while the vendors are downsizing.
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