Sydney investor wins Jacana bidding war for townhouse
The couple had lived at 3/5 Fraser Crt for several years, adding cooling, freshening interiors, and installing a pergola to turn the courtyard into what they called their 'little sanctuary.'
When they finally found their dream home in Yarra Glen after three years of searching, it felt like the perfect time to sell.
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'It was simply timing,' Ms Traynor said.
'We found something suitable right at the start of spring, with interest rates tipped to come down and the market feeling positive.
'It just lined up perfectly.'
The townhouse drew more than 60 inspections over a four-week campaign, and on auction day the opening bid of $440,000 quickly surged past the $410,000-$450,000 guide.
The winning buyer was a Sydney investor who had never stepped foot inside the property, purchasing sight unseen after a WhatsApp video tour.
'We're a little disappointed,' Ms Traynor said.
'There was a local woman who worked just around the corner and was very interested.
'It would have been nice to see it go to someone making it their home rather than an investment. But in the end, we got the best price possible.'
Ray White Glenroy's Sebastian Rello said the sale reflected a broader shift in Melbourne's north, where interstate buyers are stepping in as many local investors sell up.
'Melbourne investors are over land tax, new tenancy laws, and constant legislative changes,' Mr Rello said.
'But for Sydney buyers, the value is obvious.
'Something similar in their city would be over a million dollars.'
Mr Rello said two interstate bidders competed online — one from Adelaide and one from Sydney — with the underbidder being the local hospital worker.
He noted many buyers were keen to secure a property before the expected interest rate cut on Tuesday.
'If you like a property, buy it now,' he said.
'Don't hesitate over a few thousand dollars, because in a year you could be paying 10 per cent more,' he said.
The couple are now preparing to move to their larger Yarra Glen home, which comes with one big upgrade, a backyard for their dog.
'He's never had one before,' Mr King said.
'He'll finally have space to run around.'
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