A townhouse in Pascoe Vale has sold for $705,000 at auction, exceeding its advertised price by $25,000. The sale, which took place at 3/8 Stewart Street, marked the end of a six-month search for first-time buyers Hayden Rayner and Monique Nagle. The auction attracted significant interest, with three active bidders among eight registered, all of whom were owner-occupiers.
Sebastian Rello from Ray White Glenroy managed the sale and noted that the buyer demand was predominantly from first-home buyers. “All owner-occupiers. Not a single investor. It was a genuine first-home buyer market today,” he stated.
The townhouse, featuring two bedrooms, a renovated central bathroom, and an open-plan living area, appealed to the couple due to its spacious feel. “We were attracted to this property because of its homely feel — we’re actually renting something similar,” said Rayner.
The property includes a full-width balcony and a private courtyard, both of which were significant draws during inspections. Rello explained that the outdoor area contributed to the final sale price, as it offered low-maintenance living, a key consideration for young buyers.
Originally, the campaign for the property was set to last four weeks, but due to strong early interest, it was fast-tracked to three weeks. “We had over 50 inspections in just three weeks — 13 midweek groups and another 23 on Saturday in week one alone,” Rello shared. This surge in interest led the seller to expedite the auction, a decision that ultimately proved beneficial.
The townhouse is situated in a boutique block of just five homes, located approximately 350 meters from the train station and within the zone of Strathmore Secondary College. Rello noted the importance of acting swiftly in a competitive market. “With that sort of traction, we felt it was better to bring the auction forward and capitalise on the momentum,” he said.
Despite the Reserve Bank maintaining interest rates, Rello indicated that expectations of potential cuts later in the year are shaping buyer behavior. “If you find something you like — go for it. Don’t wait,” he advised, suggesting that a rate decrease could intensify competition among buyers.
The couple, now newly minted homeowners, expressed excitement about finally settling down. “It’s been a long time coming… now we can finally focus on other things, like a wedding,” Rayner added, highlighting the personal significance of their new purchase.
This successful sale underscores a broader trend in the Pascoe Vale property market, where demand remains robust among first-home buyers. As the market evolves, potential buyers are encouraged to stay proactive, as opportunities may become increasingly competitive in the near future.
