Historic Inner-City Townhouse Achieves Over $1M in Thrilling Auction Sale
A historic inner-city townhouse in Fawkner has successfully sold for over $1 million during an auction event in Melbourne. This property attracted significant interest among local homebuyers and marked a notable milestone in the suburban real estate market.
Auction Highlights
During the auction, a total of 573 properties were scheduled across Melbourne, showcasing the vibrant real estate activity in the region. Specifically, this charming townhouse at 1/22 Emma Street sold for $735,000 after a competitive auction process.
Key Details of the Property
- Location: 1/22 Emma Street, Fawkner
- Selling Price: $735,000
- Price Guide: $690,000 to $750,000
- Property Type: Three-bedroom house
- Ownership: Previously a family home, rented for the last 2-3 years
- Renovation: Fully renovated within the last five years
Auction Process
The auction commenced with a vendor bid of $700,000. Despite initial hesitation from bidders, one additional bid of $710,000 was placed. The atmosphere changed when the property was passed in, leading to swift negotiations with interested buyers.
Alex Mauro of Woodards Coburg, the auctioneer and agent, noted the excitement among attendees. The young couple who purchased the townhouse were described as “excited” and had been renting locally in Coburg.
Market Insights
The recent actions of the Reserve Bank, including an interest rate hike, did not appear to deter buyers. Mauro remarked that this might have actually encouraged some buyers to opt for fixed-rate mortgages. He emphasized that while mortgage rates may fluctuate, homeownership is a lasting commitment.
This auction reflects the ongoing demand and activity in Melbourne’s housing market, particularly for homes that offer modern amenities and a desirable location.
