Denis and Helen Carey outside the Malvern East home they sold for $1.925 million. Picture: Ian Currie
Confident bidding saw a charming California bungalow in Malvern East sell for $225,000 above reserve, delighting the family that called it home for 25 years.
Five bidders kept Ray White Carnegie auctioneer Tom Grieve on his toes, with the $1.7 million reserve passed early on the way to a $1.925 million sale.
A young family snapped up the four-bedroom house at 11 Sycamore St.
Vendors Helen and Denis Carey said the 99-year-old home would always hold “great memories” for them and their three children.
11 Sycamore St attracted a huge crowd of more than 180 people to its auction.
Five bidders put their hands up for the family home.
“Our daughter came here as a toddler and our two boys were born here,” Mrs Carey said of the home they purchased 25 years ago.
“We made lifelong friendships with other families in the area — our life has centred around our home and family.”
The Carey family carried out minor renovations, including reinstalling period features the previous owner had removed.
Other elements of the home included a spacious kitchen with servery to the dining room and an outdoor man cave.
“My son is very proud of that,” laughed Mr Carey.
A lovely kitchen features a servery through to a formal dining room.
A ‘man cave’ in the backyard was the delight of one of the Carey sons.
The Careys and their two sons are moving to Parkdale to be closer to their daughter and their recently-born first grandchild.
Cate Bakos buyer advocate Amy Mylius — who bid for the eventual buyers — said there were limited properties of this quality on the market.
“In a soft market, you don’t sell unless you have to,” she said.
Injecting vigour back into the market after the federal election were back-to-back interest rate cuts and loosened lending requirements, Ms Mylius said.
“Everyone sitting on the fence is starting to come out and there’s a little bit of FOMO (fear of missing out) now,” she said.
Mr Grieve said “a perfect storm of ingredients” had facilitated a period of market resurgence.
“This obviously surpassed our expectations,” he said. “Now we’ve seen there’s a lot of confidence from buyers..”
The home last sold for $202,000 in 1994, according to CoreLogic data.
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Article courtesy of realestate.com.au