First-home buyers were off and racing as a Box Hill North unit saw 151 bids placed before the hammer fell on a quiet weekend for the property market.
An eight-horse race, dominated by first-home buyers, saw 3/36 Tyne St, Box Hill North sell for $746,000, topping the vendor’s expectations by $116,000.
Buxton Box Hill director Jim Chen said determined buyers weren’t put off by auctions during the Spring Racing Carnival.
“There’s not as many auctions, only two to three (per suburb) on the weekend, so more local buyers come,” Mr Chen said. “The vendor’s getting less competition from other auctions.”
He said October had been a successful month for sales in the Box Hill area, with some properties achieving higher prices than during “the peak of the market”.
“The market is doing well now compared with last year; there are many more buyers actively looking for properties now and lots of buyers from overseas have now come back,” Mr Chen said. “They find the market is picking up — we’re getting a lot of referrals from our overseas networks.”
One of those referrals saw a Chinese childcare building developer pick up 34 Whitehorse Rd, Blackburn for $2.16 million in a private sale on October 29.
The 1073sq m site has approved plans and permits to build an 80-place childcare centre.
Mr Chen said local buyers had struggled to get out of the gate, with none of their bids exceeding $2 million.
“There was local interest on the property as well but they (offered) much less,” he said. “Most of the local buyers are looking at what they can get now, not at what they can get in 10 to 20 years – they’re more familiar with the local market so they’re thinking short term.”