A townhouse in Pascoe Vale has sold for $705,000 at auction, concluding a six-month house-hunting journey for young buyers Hayden Rayner and Monique Nagle. The property, located at 3/8 Stewart Street, attracted significant attention, selling $25,000 above the initial price guide during a competitive auction held in March 2024.
The two-bedroom townhouse was sold after a fast-tracked campaign that culminated in an auction featuring three active bidders out of eight registered participants. All bidders were owner-occupiers, highlighting a strong demand among first-home buyers, according to Sebastian Rello from Ray White Glenroy. “It was a genuine first-home buyer market today,” Rello stated.
Rayner and Nagle were drawn to the property for its welcoming atmosphere. “We were attracted to this property because of its homely feel — we’re actually renting something similar,” Rayner explained after receiving the keys to their new home.
The townhouse boasts a bright open-plan living area that seamlessly connects to a full-width balcony, a desirable feature for buyers in the first-home market. The central bathroom has been recently renovated, showcasing modern finishes that enhance the property’s appeal. With access to nearby transport links, the couple expressed enthusiasm about finally settling in. “It’s been a long time coming… now we can finally focus on other things, like a wedding,” Rayner added.
Situated within a boutique block of just five homes, the property includes two bedrooms with built-in robes, a renovated bathroom, a full-sized laundry, and a study nook. The upstairs living space, filled with natural light, opens up to an oversized balcony, which Rello noted was a significant draw for prospective buyers during inspections.
“The outdoor area really helped push the price,” Rello remarked, emphasizing the private courtyard’s low-maintenance grassed area that offers direct access from the garage. This feature is particularly rare in entry-level townhouses in Pascoe Vale.
Initially, the campaign was scheduled to run for four weeks but was shortened to three due to high early interest. Rello reported over 50 inspections within that timeframe, including 13 midweek viewings and 23 on the first Saturday alone. With the property located just 350 meters from the train station and within the Strathmore Secondary College zone, the decision to accelerate the auction was driven by rising buyer urgency.
“The seller made the call, and it paid off,” Rello noted, indicating that the market is shifting towards more intentional buyers. “We’ve seen a real shift. Buyers are more intentional, and if you don’t act on that interest early, you risk losing them.”
Despite the Reserve Bank maintaining interest rates recently, Rello observed that expectations of potential rate cuts later in the year are already influencing buyer behavior. “If you find something you like — go for it. Don’t wait,” he advised. “Once interest rates drop, we’ll likely see even more competition and pressure on stock. The smart buyers are getting in now, before that happens.”
This recent sale reflects a growing trend among first-home buyers in Melbourne’s competitive housing market. As buyers navigate their options, homes like the Pascoe Vale townhouse demonstrate the balance of affordability and desirable features that many seek in their first property.
