An affordable entry point into a rising blue-chip Belmont riverside precinct went begging at an auction as a local investor swooped.
Five bidders contested the auction for the three-bedroom 20 Seaview Pde house but Barry Plant, Highton agent Matthew Constantine said 12 groups had registered to the bid for the 403sq m property.
The property sold for $750,000. It had been listed with price hopes from $600,000 to $660,000.
Mr Constantine said interest in the property was overwhelmingly from owner-occupiers.
“Ninety-five per cent of the potential purchasers for the property were owner occupiers, looking to get a toehold in that blue chip Belmont pocket,” he said.
“I had five groups that had local people there on their behalf. One group from Sydney and four groups from Melbourne who had local family bidding on their behalf but they were unsuccessful there.”
Mr Constantine said it was a blue-chip riverside precinct, near to walking tracks and High St shops.
“And a comfortable cottage. You can move in and enjoy from day one with the opportunity to add value over time, there is no doubt about that.”
The auctioned opened at $630,000 and Mr Constantine confirmed the price had already passed the reserve when the bidding reached $680,000.
Three bidders were still in the competition as the auction slowed to $1000 increments, taking the price from $730,000 to $750,000.
The three-bedroom house featured an spacious living room open to a separate kitchen and dining room and a European-style laundry.
“Even at that price point it’s still acceptable for a lot more people,” he said.
“Especially a full size home on a full size block are all $1 million-plus now.
“So its an affordable entry to the river precinct.”
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