A two-bedroom townhouse in Pascoe Vale has sold for $705,000 at a competitive auction, exceeding its advertised price guide by $25,000. This sale marks a significant achievement for first-home buyers Hayden Rayner and Monique Nagle, who have spent the last six months searching for their ideal property. The auction featured three active bidders out of eight registered participants, all of whom were owner-occupiers.
Real estate agent Sebastian Rello from Ray White Glenroy noted that the auction’s outcome indicated a strong demand from first-home buyers. “All owner-occupiers. Not a single investor. It was a genuine first-home buyer market today,” he stated.
Appeal of the Property and Its Features
The townhouse, located at 3/8 Stewart Street, offers a bright open-plan living area that extends to a full-width balcony, providing a spacious environment often sought after in this price bracket. The property’s central bathroom has been renovated with modern finishes, enhancing its appeal to young buyers looking in Melbourne’s northern suburbs.
Mr. Rayner expressed their immediate attraction to the home, saying, “We were attracted to this property because of its homely feel — we’re actually renting something similar.” The couple highlighted the convenience of the location, being close to the train station, and expressed excitement about finally securing a home, stating, “It’s been a long time coming … now we can finally focus on other things, like a wedding.”
The townhouse is part of a boutique block of just five homes, featuring two downstairs bedrooms with built-in wardrobes, a full-sized laundry, study nook, and a remote lockup garage. The upstairs living and dining area, filled with natural light, flows onto an oversized balcony, a significant selling point during inspections.
Market Trends and Buyer Behavior
Mr. Rello emphasized that the outdoor area contributed to the price increase, noting, “The outdoor area really helped push the price.” The property includes a private courtyard with a low-maintenance grassed area, a rare find in entry-level townhouses in Pascoe Vale.
The auction campaign was initially set for four weeks but was condensed to three weeks due to a surge in interest. “We had over 50 inspections in just three weeks — 13 midweek groups and another 23 on Saturday in week one alone,” Mr. Rello explained.
Located just 350 meters from the train station and within the Strathmore Secondary College zone, the townhouse benefits from a prime location. Mr. Rello noted that the decision to accelerate the auction was a strategic move to capitalize on rising buyer urgency. “With that sort of traction, we felt it was better to bring the auction forward and capitalize on the momentum,” he stated.
As the market dynamics shift, Mr. Rello observed that buyers are becoming more intentional in their purchasing decisions. “Over the past month, we’ve seen a real shift. Buyers are more intentional, and if you don’t act on that interest early, you risk losing them,” he said.
Despite the Reserve Bank maintaining interest rates, expectations of potential cuts later this year are influencing buyer behavior. “If you find something you like — go for it. Don’t wait,” Mr. Rello advised, highlighting that delayed decisions could lead to increased competition as rates eventually drop.
The Pascoe Vale townhouse sale underscores the competitive landscape for first-home buyers in Melbourne, revealing strong demand and a willingness to act quickly in a fluctuating market.
