Sunbury Woman buys the home she grew up next to her first home, auction soaring $150,000+ past reserves

A Sunbury House, recommended for refurbishment or demolition to buyers, sold more than $150,000 in reserve prices to the neighbor’s daughter.

In the auction described as the largest suburb this year, an estimated 250 people watched four cum-site test markets.

Eight of them are bidders who will start the auction for $480,000, which is the bottom of the home advertising guide.

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By the time the $500,000 five-bedroom, double-storey home was listed, Ray White Ahainer Hill continued to bid quickly for $5,000 to $2,500.

But it was a woman next door who pushed the final result with a $651,500 bid, limiting the remaining first-time home buyer to plan to restore the property.

“It ended up selling it to the daughter of the next door neighbor,” Mr Hill said.

“They know sales families and want it from day one.”

Now, the buyer plans to enter her first home with her own family and gradually update it over the next few years before it is updated.

About 80% of bidders are expected first-time buyers, who are all planning to renovate and renew their homes, Mr Hill said.

The house will need to work, with tree stumps in the middle, sunk in the kitchen, and damage to water from an upstairs affecting the lower bathroom, while the unused backyard pool in 20 years has been described as immeasurable and most likely to fill.

He added that before interest rates fell further, he already felt buyers want to enter now, as generally expected later this month.

“They want to come in and then get a little stupid again,” he said.

And there are signs that this may not be out of reach.

Mr Hill said today’s results happened about a year after a three-bedroom, single-story home on the same street, sold for $690,000 after a massive renovation.

Mr Hill said that for sellers who want to make the most of the market, the sales method will be important.

“If you want good competition and the best price, you should go to auction,” he said.

“If there was no auction, the house wouldn’t have received this price.”

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