2 days ago
Mill Park: $200k auction bonus in Melbourne's north
Six enthusiastic bidders competed for a house in Melbourne's north that surged hundreds of thousands above price hopes on the weekend.
The three-bedroom home at 8 Gaze Court, Mill Park, fetched $918,000 – a sum more than $200,000 above the $650,000-$715,000 listed range's upper end.
Ray White Mill Park's Robert Stambolziev said the abode, featuring two bathrooms and a shed, was called on the market within the low-$700,000s.
'It started off slow but picked up as we had online bidders and a lot of first-home buyers too,' he said.
'I think with interest rates coming down it has brought a lot of buyers into the market and with more rate cuts expected, it's encouraging more people to buy now.'
Mr Stambolziev added that Mill Park itself was in demand with buyers including those from Sydney, where prices are much higher.
He credited the area's infrastructure such as schools, public transport and the North East Link that's currently under construction for its popularity.
The house's owners, Vicki Blade and Andrew Donald, bought two decades ago when they moved from New Zealand to Australia.
'We're selling to move back to New Zealand so as we get older we can be closer to family,' Ms Blade said.
'We had been here in Australia for three years when we bought the home, Australia has been very good to us.'
About 20km away, a house at 34 Beresford Cres, Gladstone Park, also sold under the hammer on Saturday.
The three-bedroom pad was snapped up for $770,000.
Ray White Gladstone Park's Malek Younan said the owner's reserve was $700,000.
Bidding started at $650,000 with four sets of buyers hoping to secure the keys.
'A young couple who are pregnant were the successful bidders,' Mr Younan said.
The pair had been looking to buy for about five months.
Mr Younan said there was not much other stock on the market at a similar price point in the suburb, which had contributed to the number of bidders competing for it. The owner's daughter, who was helping her mother to downsize, tuned into the auction from overseas.
'She was absolutely thrilled for her mum,' Mr Younan said.
'It was a very emotional day for the seller as well.'
