First-home buyers snap up family home in Epping for $790,000 at auction

In Essendon, a three-bedroom fixer-upper at 35 Market Street sold under the hammer for $1.41 million. The buyers, who were part of a buyer syndicate, plan to tear down and rebuild on the 437-square-metre block.

Jellis Craig Essendon director and auctioneer Chauntel Considine said there were three bidders competing for the keys, despite the state of the home.

The auction started slowly with a $1.25 million vendor bid, and two bidders competed until the home was called on the market at $1.37 million. A third bidder then threw their hat in the ring, winning with a final $10,000 offer.

“The vendor has owned the home for 29 years and is now looking to go regional, move to Terang or Echuca,” Ms Considine said.

A family also has plans to knock down and rebuild at 2 Hughes Street, Burwood after snapping up an older-style two-bedroom home on 607 square meters of land for $1.45 million.

Fletchers Blackburn partner and auctioneer Steven Zervas said there were three bidders – all of them young families – competing.

An opening vendor bid of $1.15 million started proceedings, with mostly $20,000 bids following. The home was called on the market at $1.4 million.

“The buyer is planning to rebuild down the track but will rent it out in the short term,” Mr Zervas said.

While the home sold well, Mr Zervas said he had seen buyer numbers “thinning out a little” over recent weeks.

“The quality buyers are still out and about,” Mr Zervas said. “They’re still looking to get into the market even over autumn and winter.”

He expected the supply of homes for sale to fall through winter, meaning there could be an undersupply that would keep prices stable.

In the city’s inner west, a renovated and extended four-bedroom home at 21 Monmouth Street, Newport sold for $1,625,000 after passing in under the hammer on a bid of $1.58 million.

Compton Green associate director Dee Gibson said two bidders fought it out after an opening vendor bid of $1.5 million.

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A family with two small children were the winning bidders, mirroring the vendors when they bought the home in 2017. The vendors are now looking for a larger home to accommodate their growing children.

Ms Gibson said buyers were looking for properties that did not need a lot of work, preferring good quality homes that had been renovated.

“It’s very much quality over quantity on a day like today,” Ms Gibson said.

In the inner east, a renovated Edwardian home passed in before selling later in Richmond.

The three-bedroom residence at 186 Coppin Street sold for $3.25 million, after receiving a single bid of $3.1 million.

Kay & Burton selling agent Zen Agnew, who sold the property in conjunction with Biggin & Scott Richmond, said the home sold after a short negotiation.

“The property was purchased by a young family, returning to Melbourne after spending some time living overseas, and [they] are excited to be back in one of Melbourne’s buzzing suburbs – Richmond,” Mr Agnew said.

In Coburg, a two-bedroom clinker brick home, which sold for the first time in decades, was bought by a local investor for $977,000.

The home at 7 Queen Street, Coburg had three bidders competing, with the ultimate buyer planning to renovate and rent it out.

Nelson Alexander Carlton director Nicholas West said bidding opened with a vendor bid of $900,000 before competition began.

The vendors, who had also owned the property as an investment, were thrilled with the sale.

“It really is a two-speed market,” Mr West said. “Some properties are doing really well, and others that might be similar are particularly quiet.”

While there were still enthusiastic bidders on properties in Melbourne’s north, they were sitting and waiting rather than rushing in to buy.

He also believed stock levels would drop after Easter, stabilizing the market.

“Good properties are selling well, but the market has normalized and buyers are changing, so that means more are selling within the price range.”

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