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Ray White Glenroy’s Sebastian Rello is sold with sellers Ben Briggs and first family buyers Hayden Rayner and Monique Nagle after the $705,000 Pascoe Vale Townhouse. Photo: Ray White
A young couple searched for their first home for six months, and in the emotional apocalypse of Pascoe Vale, Stewart St Stewart St sold $25,000 for $25,000 in a fast-tracking campaign and a fiercely controversial auction.
The two-bedroom townhouse changed hands under the hammer for $705,000, and there were three active bidders out of eight registrations registered on the day, all of which were owners.
Sebastian Rello of Ray White Glenroy said the results were driven entirely by the demand for first-time home buyers.
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“All owners are residents. Not a single investor. This is the real first market for home buyers today,” Mr Rello said.
New owners Hayden Rayner and Monique Nagle have been searching for the right home for the last six months before they can get the keys.
“We were attracted to this property because of its home feel – we actually rented something similar,” Reiner said.
The bright open living area in the Pascoe Vale townhouse flows to a full-width balcony, offering little space found within the first buyer price range.
The refurbished central bathroom includes modern finishes and neutral tones, ready for appeals for young buyers searching in Melbourne North.
“We love the area and are close to the station. It’s been a long time… Now we can finally focus on other things like weddings.”
Located in a boutique block of only five homes, the property features two downstairs bedrooms with built-in robes, a renovated central bathroom, full-size laundry, study nook and remote locked garage.
Upstairs, an open living and dining area filled with light flows to the oversized balcony, which is the main attraction during the inspection.
“The outdoor area really helps drive prices,” Mr Rello said.
The private patio offers a low maintenance grassy area with direct access from the garage, a rare feature of entry-level Pasco Vale townhouses.
One of the two ground floor bedrooms, complete with built-in robes and split system heating and cooling, perfect for first-time buyers or Downs more primer.
“It sits directly on the garage, essentially the size of another living room. Buyers like the idea of covering it in the future, but need to get approval from the owners’ company.”
Mr Rello said the sport was initially scheduled for four weeks but was shortened to three weeks after a strong surge in early interest.
“In just three weeks, we did more than 50 checks – just 13 groups on Saturdays in the first week,” he said.
The Pascoe Vale is tucked in five boutique blocks on 3/8 Stewart Street, just 350m from the train station and Strathmore Middle School District.
“With this traction, we think it’s better to push the auction to momentum and take advantage of it. The seller called and got the reward.”
He said the decision helped capture the rising buyers across the market.
“We’ve seen a real shift over the past month. Buyers are more conscious and if you don’t take interest early, you may lose them.”
The modern kitchen features plenty of benchtops and cabinets next to the dining room, perfect for low maintenance living and entertaining.
While the Reserve Bank has remained stable this month, Mr Rello said expectations for lowering tax rates later this year are already affecting buyers’ behavior.
He said: “If you find something you like – go. Don’t wait.”
“Once interest rates drop, we may see more competition and stock pressure. Before that, smart buyers are in now.”
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