The sellers paid $1.65m for the Californian bungalow in late 2020 and their renovation attracted five bidders,all locals,at auction.
The downsizer’s son bid on her behalf for the stylish one-bedroom home and embraced her as she broke down with joy after the hammer fell.
The home,which had a guide of $3.5 to $3.8 million,had drawn the interest of young couples as well due to nearby schools.
The sell-off of ex-rental properties across Melbourne is benefiting first home buyers.
The couple,who competed against a young family,bought the property in post-auction negotiations by offering an extra $50,000.
The auction winners had to be coaxed to dig deep in their pockets for the charming home,and it was enough to get them across the line.
There were three buyers who registered to bid on the home,including local downsizers,but it passed in at $3.29 million before eventually selling.
‘I just love the property. I’m very,very happy to be in this neighbourhood,’ said the new owner,who bid in front of a 100-strong crowd.
The vendor owned three houses in the Charming Street neighbourhood,and sold number 22 for a loss after listing it with a published $1 reserve price.
When Essendon director Andrew Muir sold his Toorak house for $28m+ he bought a Flinders spread and a Carlton terrace. Now he’s offloaded the pied-à-terre.
“It’s a very,very special home,” the agent said. “People who weren’t actually considering buying in the inner west,were actually considering this house.”