A Preston first-home buyer couple have been priced back into the suburb by Melbourne’s sluggish property market.
Ellie Drayton and husband Brenton Phillips ended a nine month search for their first home at 89 Youngman St today, after relocating to Melbourne from Hong Kong last year.
The three-bedroom house passed in to them after a two-party auction ended at $800,000 — short of the home’s $820,000-$900,000 price guide and just $20,000 beyond the auction’s first bid.
“It (the market) has definitely changed and come in our direction, so what has been accessible to us has changed dramatically,” Ms Drayton said.
“We wouldn’t have been able to buy this when we first started looking.”
The nearby Preston Market and scores of eateries along High St spoke for the home’s location, and the home’s size compared to what they might have got in Northcote where they started their search added to the appeal, she said.
Stockdale & Leggo Reservoir sales agent Aldo Verga said despite the conditions many buyers still didn’t believe they would end up with the keys for their dream home.
“They (the buyers) came to the auction today thinking they were going to lose,” Mr Verga said.
“In any other market they would have paid much, much more for it.
“And many buyers are like that. They are turning up thinking they won’t win it.”
Auctioneer Paul Dines said while the market had changed, homes were still selling.
Even those passed in at auction usually sold within a week.
“There’s plenty of activity out there, buyers are scared of overpaying in a falling market — but those who have done their homework are recognising where the market is and they are taking the opportunities that are presented,” Mr Dines said.
“It’s really exciting for those who are cashed up and ready to buy.”
While a stronger result may have been possible in another market, vendor Rosa Vetrano said now had been the time to sell her one-time family home.
Her parents paid just $9000 for it in 1968 and worrying about an extra $15,000 wasn’t worth the stress of arranging another tenant, Ms Vetrano said.
“It wasn’t worth the delay to moving forward with our lives. We’ve come to the point where we need to move on.”
The almost 400sq m property has a rear right of way with a carport and shed in the backyard. A lounge room and dining area provide space to entertain in.