A runaway Coburg auction, which saw a century-old house sell almost $150,000 above reserve, has marked the end of an era for a couple.
Tim and Sarah Britten earned $889,500 for their home of 12 years at 4 Shackell St, after a competitive contest between six bidders.
The semi-detached two-bedroom Victorian was the couple’s first home. During their time there, they got married, had three children and two dogs, and many Christmas and birthday celebrations.
“We’ve been so happy here. We’re sad to say goodbye, but it’s time to upgrade,” Ms Britten said.
The Brittens have bought a new home in nearby Pascoe Vale South for them and their kids Claudia, 6, Isaac, 4, and Sam, 1.
They said they “couldn’t be happier” with the sale, which well and truly exceeded their $750,000 reserve.
“It’s been hard to know what the market’s going to do,” Ms Britten said.
Mr Britten added: “We’re pretty excited.”
Hocking Stuart selling agent Ryan Castles said the winning bidders were first-home buyers with a 16-week-old baby, who’d been renting in Brunswick and planned to move into the two-bedroom house.
The auction kicked off at $600,000, and reached the reserve so quickly EYS auctioneer Adam Fiteni didn’t get the chance to announce the 280sq m property on the market until it hit $800,000.
The contest involved about 40 bids, and came down to measly $100 rises at the end.
Mr Castles, who had the listing with Gav Malhotra, said about 150 groups had inspected the property during its auction campaign — well above the average of 30-40.
“There’s not a lot (of available housing stock) around at the moment, so there’s a fear of missing out, and some people are trying to get in before the rush in spring,” he said.
The home’s location near Coburg Station, Sydney Rd, schools and parks had been a major drawcard, he said.
CoreLogic records show the property had last sold for $360,000 in late 2006.