A one bedroom villa offering a rare entrance on one of Moonee Ponds most sought after roads.
A savvy first-home buyer has secured a “cheapest ticket” on one of Melbourne’s prime streets after a fierce bidding war pushed the one-bedroom villa almost $80,000 more than expected.
A unit at 6/34 Park St, Moonee Ponds sold for $545,000 after drawing five offers and private negotiations that rose past the $425,000-$467,500 price guide.
The sale came on a street where a home at 54 Park St set a city record with a $12.5m result last year, highlighting the huge gap between entry-level property and elite in the same pocket.
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Matthews director John Matthews said the campaign is an example of a book for buyers looking for a place to live in blue areas. “This was one of the cheapest properties available on the best roads,” said Mr Matthews.
“Park St is one of those Monopoly boardwalks in Moonee Ponds.
“Coming up with a one-bedroom villa was rare, and buyers saw it right away.”
Buyers competed fiercely for the chance to secure a property on blue-chip Park Street.
The property has attracted a lot of interest from both local and inter-regional buyers.
The strong result also brought an unexpected windfall for the sellers, who paid $444,000 for the property and were looking for a break-even result.
“They were hoping to get their money back,” Mr Matthews said.
“There were no real comparable sales to justify the price in the mid-$500,000s, so achieving $545,000 was a real surprise.”
He said the level of competition reflects a growing willingness among consumers to compromise on size for premium addresses.
“We’ve had about five offers come in that are tightly packed between $520,000 and $526,000,” Mr Matthews said.
A compact home that proved size was no barrier in a prestigious postcode.
From there, it entered a private negotiation process, similar to an auction site, which raised the price.”
Mr Matthews said the buyer pool extended beyond the local area, with interest coming from the mid-north and central regions.
“We had buyers from Northcote, Brunswick and an internal investigation,” he said.
“The successful buyer was from Northcote and is a property owner planning to move in directly.”
Buying opportunities on Park Street at this price point are rare.
He said the sale showed how buyers were looking to high street areas rather than suburbs, looking for any place they could fit into.
“This was a very cost-effective way to get into some of the best roads,” said Mr Matthews.
“And when those opportunities arise, buyers move quickly.”
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