Young couple steals Brunswick bungalow for $2.156 million

Brokers say desirable properties in sought-after suburbs are still selling well despite the softening market.

In Brighton East, a couple who bought their first home made big bids to buy a near-original mid-century home at 123 Union Street for $2.05 million.

The sale of the three-bedroom home, which has had the same owner for 45 years, started with a bid of $1.3 million and was called on the market for $1.55 million.

The buyers beat six other bidders for the property, part of a sale by the executors. They are now planning to renovate it and bring it back to its former glory.

Marshall White Bayside director and auctioneer Stephen Smith said that while the auction was the main attraction on the street, neighborhood kids also took advantage of the large crowd selling cookies in the garage ahead of the auction.

Another long-term family home in Chadstone was hammered for $1.301 million after three bidders competed.

The three-bedroom house at 27 Nioka Street has been in the same family since 1964 and was sold as part of a deceased estate.

Buxton Ashburton sales agent Tai Menahem said that while it needed work, buyers were interested as it was on one of the best streets in Chadstone as it overlooked Batesford Reserve and overlooked the city.

“A young man was the buyer, he had just sold a house in Ashburton and was looking for another project,” Menahem said.

In the exclusive suburb of South Yarra, first-time homebuyers also purchased a rare two-bedroom home that had been an investment property.

With a price guide of $1.3 million to $1.43 million, the house at 2 Powell Street sold for $1.501 million after three bidders competed.

Marshall White Stonnington James McCormack declined to comment on the sale price, but said it was a rare offering given its price and location.

He said buyers are still in the market making offers, although conditions have changed since last year.

“Buyers are certainly being a little more selective and timely,” McCormack said. “I think they realize that there is still a good opportunity for people to enter the market and fix their interest rates.”

Not far away in Kooyong, a three-bedroom home at 67 Talbot Crescent was bought by a young professional buyer for $2.035 million, up from a reserve of $1.981 million, after they fell in love with its art deco exterior.

Kay & Burton senior sales consultant Monique Depierre said the auction began with a bid of $1.8 million as a crowd of about 30 people watched.

“The bidding took a while to start with provisional bids of $1,000, but once it was called on the market for $1.981 million, it took big leaps,” Depierre said. “The triumphant buyer was drawn to the home’s Art Deco brick facade and direct access to Kooyong Park.”

In Northcote, one of the weekend’s biggest hits was a five-bedroom home at 11 Thames Street, which sold for $4.302 million, $502,000 above the reserve.

Jellis Craig Northcote director and auctioneer Sam Rigopoulos said bidding started at $3.6 million, with a flood of bids of $100,000 taking them to $4.1 million before advances slowed.

Four potential buyers competed, but ultimately it was an expat couple returning from the UK that won.

“Even though there has been a lot of talk about interest rate hikes, that doesn’t take away from the fact that there are a lot of people looking to buy for a long time,” Rigopoulos said. “Money is still cheap and they still need to find a home.”

Rigopoulos said less supply and more demand, especially at the top of the market, are still seeing properties being sold under competition.

“I must admit I’m a little surprised and pleased to see that resilience still exists in the market,” he said.

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