AN opening bid $5000 over the reserve price was a clear sign that sellers of a character home in Manifold Heights were about to clean up.
When four bidders on the four-bedroom, two-storey house at 3 Malvern Grove were finished, the $940,000 sale price had gone $90,000 over the vendor’s reserve.
Up for competition was a two-storey californian bungalow that the owners had called home for the past 25 years.
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Richardson auctioneer Peter Bell said it was the superb location that drew them there in the first place.
“Something special exists in Malvern Grove,” he said.
“Not only the style of the home, the character, but the personality of the neighbours and it’s an outstanding location to bring up a family.
“It’s close to schools, parkland, it’s not too far down to the river and we have some of the very best schools not far from here.”
The bidding opened at $855,000, a clear indication that buyers knew the value of the area.
Initially two buyers traded bids, but the eventual buyers entered the race as the price passed $920,000, with a fourth trying their luck just once at $933,000.
Buyers Aaron and Marissa Biscan looked at the property as an opportunity to secure more space.
“We’ve got a young family so we’re upsizing from Newtown,” Mr Biscan said.
“It’s great to stay local, close to schools.
“I don’t think it needs too much really done to it, really just a cosmetic freshen up.”
Richardson agent Matt Poustie said the bidding was too hot for a fifth buyer to bid, given the auction started above the quoted $800,000 to $850,000 range.
“The drawcard was it being under the $1 million price point and on a no-through road,” he said.
“It’s a family friendly pocket and you’re not paying full Newtown prices.”
Mr Poustie said buyers could renovate the bathrooms and kitchen to add value.
Manifold Heights is also a small market with few properties on the market.
Just 33 houses have sold in the past 12 months, according to CoreLogic data, with a median price of $730,000.