Seller Justin Russell and his family after their Bundoora home sold for $755,000, well above the $600,000-$660,000 price guide.
Investors dominated a seven-way auction battle for an original-condition Bundoora house, pushing it $95,000 beyond its price guide on Saturday.
The three-bedroom home at 1230 Plenty Rd sold for $755,000 after being advertised with $600,000-$660,000 price hopes.
Bidding opened at just $500,000 before the next buyer immediately jumped the price by $100,000 to $600,000.
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Ray White Bundoora sales executive and auctioneer Domenic Torzillo said most of the seven active bidders were investors, with possibly one looking to renovate the home and live in it.
The successful bidder was also an investor.
Interest had been strong throughout the four-week campaign, with 78 groups inspecting the 568sq m property before auction day.
The three-bedroom home at 1230 Plenty Rd, Bundoora, sold for $755,000 after seven active bidders competed at auction.
The successful bidder was an investor who planned to renovate the Bundoora property and use it for student accommodation.
Mr Torzillo said the original-condition house had attracted buyers considering a renovation, investment or first home.
Despite knowing there would be competition, he said the eventual $755,000 result had exceeded his expectations.
“If you had told me $755,000, I would have probably said, probably not doable,” Mr Torzillo said.
“It almost felt like we went back in time a little bit.
Bidding on the original-condition Bundoora home opened at $500,000 before the next bidder immediately jumped the price to $600,000.
The 568sq m property sold $95,000 above the top of its $600,000-$660,000 price guide.
“It was good to see that there were heaps of bidders out there.”
Mr Torzillo said investors were still prepared to pursue properties where they saw value, with some looking for opportunities amid softer market conditions.
“There’s still a good chunk of buyers there that are looking to invest in the market,” he said.
He said he was also appraising more homes as spring began, while some buyers who had already sold were struggling to find another quality property.
“I get messages from buyers under the pump because they’ve sold and they’re settling in 30 days and they can’t secure anything because there’s nothing of quality that’s coming to the market,” Mr Torzillo said.
“If anything, we need supply.”
The original-condition home attracted 78 groups through inspections during its four-week sales campaign.
Seller Justin Russell said the $755,000 result had also comfortably exceeded his family’s expectations.
“We were hopeful for, you know, the $700,000 mark,” Mr Russell said.
“But where it ended when the hammer went down, we were actually ecstatic.”
Mr Russell said his mother had owned the property since about 1998.
It had been held as an investment, although the family also lived there for a period when he was younger.
He said his mother eventually decided to sell because the ageing house needed significant work and had become difficult for her to continue holding.
Investors dominated the bidding for the Bundoora property, with most of the seven active bidders looking at it as an investment.
The Plenty Rd home is close to tram services, La Trobe University and RMIT, helping attract buyers considering renovation or investment.
The sale ended an association between the family and the property stretching back almost three decades.
“It was sort of a bittersweet moment,” Mr Russell said.
“There were definitely some emotions with family. My mum was a bit kind of sad to see it go.”
Mr Russell said the successful bidder planned to invest in renovating the property before using it for student accommodation.
The original-condition exterior at 1230 Plenty Rd, Bundoora, where seven bidders pushed the sale price to $755,000, $95,000 above the top of its guide.
The home is on the Plenty Rd service lane, with tram access nearby and links to La Trobe University and RMIT.
Mr Russell said knowing the property would be improved and given another purpose had helped soften the family’s goodbye.
“We’re kind of happy that it’s going to live on and it’ll be providing more accommodation for people studying in the area,” he said.
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