First home buyers pick up mid-century inner-north apartment for $752,000

A two-bedroom, top-floor 1970s apartment in Carlton North sold for $752,000 at auction on Saturday, with three bidders pushing it almost $40,000 above its listed reserve.

With a classic design featuring windows on three-sides, the light-filled mid-century home at 15/109 Wilson Street had been owned by the vendors as an investment for more than 35 years, and was listed as Carlton North but sits in the smaller, sought-after pocket of Princes Hill.

As well as a separate bathroom, laundry and toilet, the property has two large bedrooms and an east-facing balcony off its long living room, and had a listed reserve of $715,000.

Saturday marks the first weekend where all vendors were required to make their reserves public at least seven days before auction day.

Jellis Craig Fitzroy agent and auctioneer Charles Atkins said he thought the legislation had “brought more transparency to the marketplace” and was part of the reason the property had such a “solid campaign”, with competition between three active bidders on the day.

He said a young couple opened the bidding at the $715,000 reserve, with bidding then going up in increments of $5000 and $1000 before it eventually sold to a couple who were first home buyers.

The couple have a design background and were keen to make the home their own, Atkins said.

“People enjoy that ’70s style block,” he said. “It has great natural light, big bones, great proportions. Terrific scope to add some value.”

The property was one of 466 scheduled to go to auction in Melbourne this week.

In Hampton, a contemporary four-bedroom townhouse sold for its listed $1.85 million reserve in post-auction negotiations, after passing in on a single genuine bid of $1.81 million. The property last sold in 2022 for $1.91 million.

The home at 14A Field Street features open-plan living and dining areas looking out to a large rear yard through floor-to-ceiling windows, and a choice of two main bedrooms across the two levels, and a study nook, upstairs retreat and butler’s pantry.

Buxton Sandringham agent and auctioneer Richard Slade said the size and scope to live on either level had made the home attractive to both upsizers and downsizers.

“It was the north half of the two [townhouses], so from a natural light perspective, it was very well received,” he said.

Slade opened the auction with a $1.8 million vendor bid, which was followed by the sole $1.81 million bid on which it passed in.

He said two other parties had indicated they would be keen to negotiate post auction, but the high bidders, local downsizers, met the reserve and sealed the deal.

Slade said he thought the first weekend of listed reserves suggested vendors who had a realistic idea of what their property was worth would sell well.

“It will hopefully help encourage buyers to pursue a property and do their final due diligence in that final week to auction,” he said.

The vendors were selling as they have moved to Sydney.