A two-bedroom townhouse located at 3/8 Stewart Street, Pascoe Vale, has sold for $705,000 at auction, exceeding the advertised price guide by $25,000. The sale marks the end of a six-month search for first-home buyers Hayden Rayner and Monique Nagle, who secured the property after a fast-tracked campaign and a highly competitive auction.
The auction, held by Ray White Glenroy, attracted significant interest, with three active bidders among the eight registered. All participants were owner-occupiers, highlighting a robust demand from first-home buyers in the area. According to Sebastian Rello, the agent managing the sale, this reflects a genuine market preference away from investors.
The newly acquired townhouse features a bright open-plan living area that seamlessly connects to a full-width balcony, providing ample space that is often lacking in properties within the first-home buyer price range. The central bathroom has been recently renovated, showcasing modern finishes that enhance the property’s appeal.
“We were attracted to this property because of its homely feel — we’re actually renting something similar,” said Rayner. The couple expressed their excitement at finally finding a home after months of searching, emphasizing the convenience of the location near public transport and other amenities.
Property Details and Market Insights
The townhouse is set within a boutique block of just five residences. It includes two bedrooms with built-in robes, a renovated bathroom, a full-sized laundry, a study nook, and a remote lock-up garage. The outdoor space features a private courtyard with low-maintenance grass, a rare offering for entry-level homes in Pascoe Vale.
Rello noted that the courtyard was a significant factor in driving up the auction price. “The outdoor area really helped push the price,” he remarked. The property’s appeal was further heightened by the potential for future renovations, as one of the ground-floor bedrooms is spacious enough to be transformed into an additional living area, subject to owners’ corporation approval.
The auction campaign was initially slated for four weeks but was condensed to three weeks due to a surge in early interest. Rello reported over 50 inspections in just three weeks, including 13 midweek viewings and 23 during the first Saturday.
“With that sort of traction, we felt it was better to bring the auction forward and capitalise on the momentum,” Rello explained. This strategy proved effective, capturing the rising urgency among buyers in the current market.
Market Trends and Future Expectations
Despite the Reserve Bank maintaining interest rates this month, Rello noted that expectations of a potential rate cut later in the year are influencing buyer behaviour. “If you find something you like — go for it. Don’t wait,” he advised, highlighting the competitive nature of the market.
He anticipates that if interest rates decrease, there will likely be increased competition and pressure on available stock. “The smart buyers are getting in now, before that happens,” Rello added.
The sale of the Pascoe Vale townhouse illustrates a broader trend in the Melbourne property market, where first-home buyers are increasingly active. With properties in desirable locations commanding strong interest, the market remains dynamic, and buyers are encouraged to act quickly to secure their ideal home.
As Rayner and Nagle prepare to settle into their new home, they reflect on the journey that brought them to this point, looking forward to new beginnings and planning for the future, including a wedding.
