Demand for single-level living sees Balwyn North reserve smashed

This post was originally published on this site

A massive $310,000 premium was paid for the Balwyn North property.

Huge pent-up demand for single-level living from downsizers saw a Balwyn North property smash its reserve by $310,000.

The three-bedroom house at 34 Aylmer St sold for $1.91 million, after bidding from five groups.

“Four people bid over $1.8 million — it wasn’t just a runaway auction between two bidders,” Nelson Alexander Kew agent Nick Whyte said.

“As soon as it was announced on the market, the downsizers were bidding quicker and harder.”

RELATED: Coburg touch-ups transform bungalow from dated to delightful

Basic Balwyn house priced from $2M because of top school zone

Yarraville auction: warehouse apartment in old toy factory sells

The single-level Balwyn North property is on 412sq m.

Downsizers flocked to the house.

Mr Whyte said the bidding frenzy was sparked by fear of missing out, with single-level properties on good blocks in Balwyn North few and far between.

Meanwhile in Coburg, young buyers were drawn to a “cute as a button” house, sending it $40,000 beyond price expectations.

The restored four-bedroom 1930s California bungalow at 67 Queen St sold for $1.14 million after bidding from three young couples.

No. 67 Queen St, Coburg, sold for $1.14 million.

There’s a rear courtyard at the Coburg house.

Living quarters upstairs.

“It was cute as a button, neat as a pin and it ticked all of the boxes without being oversized,” Nelson Alexander agent Mark Verrocchi said.

“The successful purchaser and his partner are eventually going to move into it — they’re looking to start a family.”

Mr Verrocchi said $1-$1.5 million for a family home had become the new norm in the inner city.

READ MORE: Foy & Gibson, Collingwood warehouse conversion hits market

Albert Park garage sells for $645,500 at hot auction

Buy your own cricket ground with Strath Creek’s ‘The Village Green’