Cheltenham reno a winner for new and old first-home buyers

25/94-96 Cavanagh Street, Cheltenham, sold for $650,000.

The keys to a Cheltenham home have been passed on from one first-home buyer to the next in a poignant sale.

The 25/94-96 Cavanagh Street abode went under the virtual hammer on Saturday, despite having only held two open inspections before Victoria was plunged into its sixth lockdown.

But that didn’t deter buyers, with at least two bidders holding strong interest for the two-bedroom unit, which ultimately sold for at auction on Saturday for $650,000 — about $20,000 above reserve.

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Another first-home buyer snapped up the keys to the unit.

The home has been fully renovated.

Vendors Trevor Wheeler and Amber Phillips said they were wrapped with the sale.

“We’re very happy — it’s an absolutely fantastic result,” Mr Wheeler said.

The pair purchased the property as a first-home themselves in 2011, giving it a makeover before renting it out as an investment for the last two years.

“It was our first-home, we’d been to various auctions and two at this particular block,” Mr Wheeler said.

“I was in my thirties, I was an adult apprentice electrician, I was on the lowest wage I’d ever been on and spending the biggest amount of money.”

He said they fell in love with the area where neighbours were known to stop and say “hello”.

“We know everyone who is adjacent to our property and when you go to take the bins out or get the mail, everyone says hello,” Mr Wheeler said.

“We also felt that (the area) had some good schools, great access to public transport and it’s close to the beach.”

It has two bedrooms and one bathroom.

Auctions case study

Trevor Wheeler and partner Amber Phillips sold their Cheltenham investment, which they bought as a first-home. Picture: Rob Leeson.

It was also an affordable option for buyers looking to break into the market, he added.

The property features stained hardwood floorboards, stylish plantation shutters and a single carport.

Mr Wheeler said local Franks cafe had become a “second office”.

Ray White Cheltenham agent Angela Limanis said the 1970s unit had piqued interest from first-home buyers, downsizers and investors alike — one of which was ready to bid site-unseen.

“It’s just a really good conventional layout,” she said.

“The location is great, there’s a bus stop at your door and Southland is a couple of kilometres away.”

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alanah.frost@news.com.au

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