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“It’s in a great location. It’s close to everything, it’s north-facing, it’s light and bright, and it’s very quiet.”
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Tramontana said while villa-style units have traditionally been popular with downsizers, they are also becoming increasingly popular as first-time homes.
“These properties are affordable for people who are exiting the rental market. Now they can pay their own mortgage, they think, ‘Well, why should I pay someone else’s (mortgage)?’ So they are becoming more popular among young people,” she said.
In the bayside suburb, a fixer-upper in Beaumaris sold at auction for $775,000 to a local couple keen to renovate.
60 people watched 1/117 Cromer Roadan estate, which sold for $75,000 above reserve.
Bidding opened with an offer of $680,000 and a competitive auction ensued with five active bidders vying for the two-bedroom apartment.
“Prices have been going up,” said Kevin Pleysier of Hodges Real Estate’s Beaumaris branch.
The successful buyers plan to live in the unit, Plessier said, and have completed renovations and want to sell the property.
“For some people, it’s a great little purchase that helps them accomplish what they were planning to do,” he said.
Pleysier said some potential buyers didn’t bid because the property shares outdoor space with four neighboring units in the boutique complex.
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