A buyer has purchased a 50-year-old property for $21,000 above the reserve in Broadmeadows. The successful buyer was a first timer from Coburg, who battled it out against four other bidders for the three-bedroom home on Railway Crescent.
The 490sq m subdivided block had been snapped up for $371,000.
Wise Real Estate Advice Senior Buyers Advocate Mark Ribarsky was at the auction and he says “The property was on the market for $350,000 and the auction was opened with a bid of $280,000. There were five parties bidding, including investors, but in the end, the young man, who was a first time buyer won.”
CoreLogic data showed that the median house price in Broadmeadows has increased 16.4 per cent over the last 12 months to April. This is based on 172 homes that were sold during that period. The median property price in Broadmeadows is $436,500