Downsizer cries with joy as she wins $866,000 northern Melbourne home

A downsizer who wanted to buy a home near her daughter cried as she won the keys to an updated northern suburbs house, leaving three disappointed first home buyers to continue their search.She was thrilled to sign the contract for 180 Main Street in Thomastown for $866,000 after a month-long hunt, agent Mario Tucci of Harcourts Rata & Co said. The three-bedroom brick veneer home had retro amber glass living room doors but an ultra-modern bathroom.It was one of 683 auctions scheduled in Melbourne on Saturday.The downsizer took her time to enter the bidding for the Thomastown home, steamrolling in late to pay $96,000 over the $770,000 reserve. The campaign price guide was $720,000 to $780,000.Auctioneer Tony Lombardi took an opening bid of $650,000, followed by a bullish $50,000 increase from the eventual underbidder. The downsizer entered the contest when the property was announced on the market. The bidding eased to increases of $10,000, $5000 and $2500 until the hammer fell.Tucci said the result was meaningful for the buyer. “There was a tear on her behalf, she was really happy that she had secured that one,” Tucci said. “She had sold her house and she was moving to be closer to her daughter, and this home is around the corner from her daughter’s house.”Tucci said the first home buyers would turn their attention to other listings. “They’re a little bit disappointed that they missed out on that one, but they’re also interested in others that I’ve got coming up for auction in the next couple of weeks,” he said.In Fitzroy North, a single bid for a Victorian residence with a ground-floor shopfront secured local investors a seat at the negotiating table, after their competition failed to materialise.The couple bought the three-bedder at 495 Brunswick Street for $1.6 million after the auction, following a campaign with a price guide of $1.55 million to $1.65 million.Auctioneer and listing agent Rick Daniel of Nelson Alexander Fitzroy accepted their bid of $1.5 million. Two others who Daniel thought would bid stayed quiet, so he passed the property to the couple to negotiate.They increased their position to $1.6 million, exactly in the middle of the quoted range, to get the deal done. “I think it was a fair result in this market,” Daniel said.The buyers appreciated having the commercial possibilities of a shopfront, which was styled as a lounge room and study for the campaign. “They were drawn to its flexibility of use …it’s a great investment,” Daniel said.He said the reserve was in line with the $1.65 million top of the price guide, but the vendors ultimately adjusted to the market’s conditions. “The reserve is flexible,” he said. “They would have loved something closer to $1.65 million, [but] they were prepared to meet the market at $1.6 million.”In Cheltenham, a young family scored a three-bedroom brick house with renovated bathrooms and a kid-friendly garden. The campaign guide for 25 Jennifer Street was $1,050,000 to $1,155,000.They paid $1,214,000, edging out three other families who also bid, against a reserve of $1,150,000. All were upsizing to make room for their growing broods.The auction needed a nudge to get going. The auctioneer launched with a vendor bid of $1,050,000, which was followed by a $1,075,000 bid from the crowd.Subsequent bids flowed in increments of $25,000. “Like any auction, no one wants to start – it’s a bit like a high school dance,” agent Pandelis Plousi, of Hodges Mentone, said. “But once we encouraged them, it took off from there.”The conclusion was bittersweet. “They congratulated each other, but one of those who missed out had a little one and one in the oven as well, which is hard,” Plousi said.He said the buyers, who were locals, liked that the house was ready to move into, but could add their own touches. “It was well styled and presented,” he said. “It was the owner-occupier that was selling, it was their family home, and that showed.”More:AuctionsAuctionsProperty marketMelbourne house pricesProperty pricesHousing slumpThomastownProperty listingsFrom our partners