A recently conducted auction in Pascoe Vale saw a two-bedroom townhouse sell for an impressive $705,000, exceeding its advertised price guide by $25,000. The property at 3/8 Stewart Street attracted significant interest, culminating in a competitive bidding environment with three active bidders among eight registered participants, all of whom were first-time homebuyers.
Real estate agent Sebastian Rello from Ray White Glenroy noted the sale was driven entirely by first-home buyer demand. “All owner-occupiers. Not a single investor. It was a genuine first-home buyer market today,” he remarked. The buyers, Hayden Rayner and Monique Nagle, expressed their joy at finally securing their ideal home after a six-month search.
The townhouse features a bright open-plan living area that connects to a full-width balcony, an attractive aspect for buyers seeking space within entry-level price brackets. The recently renovated central bathroom includes modern finishes, making the property move-in ready. “We were attracted to this property because of its homely feel — we’re actually renting something similar,” Rayner explained.
Rello highlighted the importance of the outdoor area in driving the final sale price. The property includes a private courtyard with low-maintenance grass, unique for townhouses in the area, and direct access from the garage. Additionally, the ground-floor bedrooms come equipped with built-in robes and climate control systems, catering to first-home buyers and those looking to downsize.
Originally planned as a four-week campaign, the auction was moved forward to three weeks due to a surge in interest. “We had over 50 inspections in just three weeks,” Rello noted, indicating strong buyer engagement. The property is located just 350 meters from the train station and within the Strathmore Secondary College zone, further enhancing its appeal.
The auction’s success reflects a shift in the market, with buyers becoming more intentional in their search. Rello emphasized the need for urgency: “If you find something you like — go for it. Don’t wait.” As interest rates remain steady, expectations for potential cuts later this year are influencing buyer behavior, suggesting that competition may soon increase.
With the sale of this townhouse, the new owners are excited to move forward with their plans, including preparations for their upcoming wedding. “It’s been a long time coming … now we can finally focus on other things,” Rayner concluded.
The Pascoe Vale auction demonstrates the current dynamics of the real estate market, where first-home buyers are seizing opportunities amidst changing economic conditions.
