Real Estate

Reservoir house gains $400,000 in four years

Written by The ReReport
As seen in the Source link, written by on 2019-07-02 06:53:00

The three-bedroom California bungalow sold for $1.403 million.

Dismal conditions on the final Saturday of June forced a large crowd into the kitchen and living room for the reserve smashing auction of a California bungalow.

An inner-city family snapped up the three-bedroom home at 25 Oakhill Ave, Reservoir for $1.403 million, which was $133,000 above the reserve price, at a “very intimate auction”.

Nelson Alexander Reservoir agent Joe Horton said the property had been modernised but still retained its character.

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The chic lounge room with a modern fireplace.

About 150 people attended the auction inside the kitchen and living area.

The professional greenhouse.

“From the facade to the interior layout, the home was an attraction point,” Mr Horton said.

“There were five bidders, a mix of local and inner-city buyers, and the auction happened pretty quickly.

“The opening bid was $1.2 million, it was on the market at $1.27 million and, with increments fluctuating between $10,000 and $1000, it sold to a family that recently sold in the inner city.”

Located in Reservoir’s Oakhill estate, the elegant facade features ornate brickwork, columns and leadlight windows.

To the left of the hallway are two large bedrooms, a floor-to-ceiling tiled private ensuite and main bathroom.

On the other side is another bedroom with a classic fireplace and front garden outlook, as well as a light-filled formal lounge room.

It leads to the living room and modern kitchen at the rear, and opens to the paved deck and lush gardens.

Lush gardens outside.

One of three bedrooms with a fireplace

The grand hall.

Mr Horton said he wasn’t sure if the buyers would use the professional greenhouse.

“I’m not sure if the buyers had planned to move further north. They just found the right home,” Mr Horton said.

“There’s lots of demand in Reservoir due to the low stock levels … which you’d expect to increase over time.

“Positivity from buyers has been really good.”

The property last sold for $998,000 in March 2015, according to CoreLogic.

Other Reservoir properties that sold under the hammer last weekend include 3 Morris St for $778,000, 32 Invermay St for $620,000 and 80 Royal Parade for $814,500.

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