Buyer does a deal for Bundoora investment property minutes after first viewing

Buyers are making snap property decisions, swooping at auctions only minutes after first viewing a home.

The latest is a buyer in Melbourne who won the keys to a character-filled $860,000 Bundoora house within 30 minutes of their one and only inspection of it.

Agents typically hold a last open for inspection half an hour before the auctioneer takes their position. At 109 Cameron Parade, Bundoora, the buyer strolled through during the final open on Saturday May 13 and a short time later threw her hand in the air.

Listing: See more images of the property here

SOLD - $860,000

109 Cameron Parade, Bundoora VIC 3083

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The property sold to an investor who saw it for the first time shortly before the auction started. Photo: Domain

The same-day sale is the second Bundoora-based agent Rayni Jerram has inked in May.

Rayni, of Ray White, said the purchaser of the older but neat brick house, which was on the market for the first time, was an investor who wanted to secure a deal before they were “priced out” by another interest rate rise. They had attended four previous auctions and had a budget in mind, she said.

The property, which was in original condition and had an attractive triple-fronted façade, a backyard workshop and a garage, sold above its $660,000 to $720,000 price hopes.

Her previous snap buyer in Bundoora was out walking his dog on Easter Saturday and spotted the sale signage. He returned to look through the house at the final inspection, minutes before the start of the auction.

“He walked past the open home flag in the morning while he was walking his dog and came back and bid for his mum and dad,” Rayni said.

Rayni said a lot of the homes in Bundoora are similar in block size, all brick veneer, and either updated or untouched. The same pool of buyers can move between listings, confident of what they will find, she said.

The median house price in Bundoora, in Melbourne’s north east, is $860,000, Domain data shows, representing a sweet spot for debutant buyers, landlords and keen renovators.

“We still fit that really nice niche of first-home buyer and investor categories,” Rayni said. “Because of the median price, we are still in that range … it’s a hub which has good access to the city.

“Our two really big portions of the market are the young families or first-home buyers who are wanting to do a Block-style renovation and then on the flip side, you have the investors. If you travel ten or fifteen minutes closer (to the city) you are getting into $1 million status for a property.”

In Sydney in April, a family spent $6,025,000 on a Manly house they first viewed during the open for inspection held before the auction.

Five parties registered to bid and four actively participated in the auction for the four-bedroom property, which had an internal lift, CCTV security and heated floors.

The price guide for 32 Pacific Street was $5 million to $5.5 million.

SOLD - $6,025,000

32 Pacific Street, Manly NSW 2095

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