First-home buyers have paid $1,387,500 for a Port Melbourne ‘Bank House’ in its first sale in four decades.
Diana and Jim, who didn’t provide their surnames, said they had both grown up in the desirable bayside suburb and were delighted to have bought into it.
“(We love) living near the ocean, and being part of a little community 15 minutes from the city,” Diana said.
The couple had also been motivated to outlast two other bidders by the size of the two-storey house with a decent backyard on a 321sq m block, which they said they’d likely renovate.
Prior to the auction, Frank Gordon managing director Frank Callaghan said 346 Williamstown Rd’s $1.15-$1.25 million price guide was in a “sweet spot” for the Port Melbourne market, sitting below the $1.33 million median house price recorded by realestate.com.au.
“It doesn’t have that snap, crackle and pop other (houses in the suburb) have,” Mr Callaghan said.
“The road carries some traffic (and it’s) aesthetically unattractive now.
“But it’s a way to get a larger slice of land and a better sized under-the-roof floorplan than if you bought something that’s already souped up.”
Mr Callaghan said the vendors were “relieved” to have the sale done and dusted.
He said the three-bedroom house had belonged to an elderly man who’d lived there about 40 years, and who was supported through the sale by several relatives.
“It’s been a big day (for the family). There have been tears,” the agent said.
The residence was built in the 1940s as part of the Bank House Estate, which was commonly known as Garden City and “Victoria’s first attempt to provide low-cost housing on a single estate”, according to a City of Port Phillip document.
It was declared on the market at $1.25 million at the auction, selling $137,500 later after a total of 23 bids were placed.