Downsizer outbids young couple for Black Rock townhouse for $2.25M

Hill said the sellers, who were watching from the back of the crowd, were sad to say goodbye to the house that had been in their family for 45 years, but they were happy with the sale price.

“The vendors were in tears, this product has been in our family since day one so they were all very happy (with the result),” he said.

In Derrymoot, another young family got the keys to their dream home after a spirited auction.

More than 80 people came to watch the five bidders compete for the 112 Windsor AvenueThe five-bedroom property sold for $1.23 million.

Bidding started at $950,000 and quickly climbed to over $1,000,000.

Ray White Deer Park principal agent Leigh Grixti said the bidding process was intense with parties eager to get involved, including those bidding over the phone and livestream.

The young family from Deer Park ultimately beat out four other bidders to buy the spacious home for $80,000 over the reserve of $1.15 million.

“The buyers are a beautiful local family who bought the property with the intention of upsizing. They are absolutely delighted, it’s their dream home.”

Gristi said Derrymuth’s large properties, low prices and relative proximity to the city were a major draw for family buyers.

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“The common theme was that the bidders were all families looking to upsize and buy a dream home for themselves and their children,” he said.

In Melbourne Bayside, a downsizer has purchased a Black Rock home for $2.25 million, beating out a young couple for the property within walking distance of the beach.

The three-bedroom detached townhouse was sold at auction for 46A Iona Street Initially the seller offered $2 million, then the two sides began trading at $25,000.

The two bidders bid the 473-square-metre block in $10,000 and then $5,000 increments before it sold for $2,255,000, $15,000 above the $2.24 million reserve.

Marshall White Bayside partner and listing agent Dahli Woosnam said the buyer, who is from the Black Rock area, was delighted to have purchased the house, which is just a few streets from the beach.

“Their families were also present and everyone was very excited and happy,” Woosnam said.

She said suppliers who are currently travelling overseas were also very excited about the results.

It was a good auction day for downsizers, with another downsizer couple picking up the keys to a four-bedroom home on a leafy street in Ascot Vale.

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It used to be an investment property. 49 Kent Street Sold for $1.44 million in post-auction negotiations.

Barry Plant Essendon auctioneer Anthony Molinaro said the couple had made a separate bid of $1.35 million for the property before it passed in.

During negotiations, they added an extra $90,000 to their auction offer to keep the house.

The renovated and extended Victorian home has a price guide of $1.3 million to $1.4 million.

Mr Molinaro said the buyer of the recent Brunswick sale was very happy and looking forward to moving to Ascot Vale.

“They really like Kent Street because it’s full of trees. They love it just after fall when you can see all the beautiful colors through the trees,” he said.

Molinaro said the home is one of many former investment properties currently being sold.

“We noticed that about 80% to 90% of the stocks coming into the market were investment stocks,” he said.

“Everyone’s got their land tax bills and they’ve doubled or tripled and even more landlords are coming out and saying, ‘We want to sell, this doesn’t make sense anymore’.”

Molinaro said many high-quality properties are still achieving good results.