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A young family looking to upsize paid $1,120,000 for a four-bedroom house at auction on Saturday, beating other families, to win the keys to a Sunshine West property.
The home at 11 Palencia Crescent, featuring a landscaped garden and double-glazed windows, was guided at $920,000 to $970,000 with a reserve of $1,050,000.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Listing agent Ben Nguyen from Create Real Estate said the house was popular among families and younger couples, both local and interstate. There were four bidders at the auction – all owner-occupiers – who fought to get keys to the popular property after an opening bid of $985,000, he said.
“Interest has really picked up [generally in the market] – there is a lot of competition from interstate buyers, and I think local buyers are just as charged,” he said. “There has been a significant jump in inquiry levels since the beginning of the year.”
While the Palencia Crescent home drew families, other parts of Sunshine West have been more of interest to investors, Nguyen added.
Earlier, a double-fronted Victorian house in Brunswick sold for $1.53 million under the hammer to first home buyers.
The three-bedroom house on 128 Gold Street was advertised with a reserve price of $1,410,000 following a private offer, Jellis Craig Fitzroy listing agent David Ashby said.
“The last guide prior was $1.2 million to $1.3 million, then when we received the offer we upped it online to the offer price [the reserve] for transparency,” he said.
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The bidding, which opened at $1,320,000, “went up pretty quickly” as five bidders, mostly local, fought to secure a house in the sought-after inner-north suburb, Ashy said.
“The buyer was a young couple renting in Clifton Hill who had a mortgage buyer with them, while the underbidder was from Northcote,” he added.
The house, a former share house owned by an investor, received cosmetic work before auction.
The former Brunswick share house sold for $1.53 million at Saturday’s auction. Credit: Domain
Ashby said market sentiment was “pretty much the same as last week … with fresh property launched this week being inundated with buyers in the apartment and terrace market”.
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