Your Domain: Farmers sell their Melbourne investment property to start their new life in emotional Northcote auction

At an emotional but successful auction last weekend, Devana and Russell sold their Nothcote investment property to help fund the start of their new lives.

The fifth-generation merino sheep farmers had already moved away from their farm outside of Hamilton in south-west Victoria.

“We made a decision 18 months ago to move from the farm and establish a business in little Port Fairy. My daughter had a vision to open up a business there,” Devana told Your Domain.

“So we’ve decided to offload this [property] because we want to cement more of a stamp down there.”

The couple bought the two-bedroom Northcote home in the mid 90s after speaking to an advisor who said the area presented great future investment opportunities. Since then, they’ve watched the area fulfil that promise as it sprung to life over the years.

“There were obviously businesses, but it’s so vibrant now. It’s just really, really lifted,” Devana said.

Agent Campbell Kilsby from Greg Hocking Persichetti said they had seen strong interest throughout the campaign, but like many investment properties, the home would need a bit of work for an owner-occupier.

“It just needs a little bit of TLC and the love put back into it, but I think it’ll be someone’s masterpiece when they end up with it today,” Mr Kilsby said before the auction kicked off.

The crowd of bidders were cold at first, with auctioneer Leonard Persichetti emphasising the home’s cul-de-sac and quiet position to warm them up. A vendor’s bid of $920,000 was placed to heat things up even further.

A buyer’s advocate, Peter Fox of Buyer Marketing, took the bait, bidding at $930,000, which was blown out of the water by another bidder’s rise to $980,000.

A bid of $1.010 million put the home on the market, leaving vendors Devana and Russell relieved as they watched the action unfold inside.

Three parties continued to push the price up to $1.265 million, but it was buyer’s advocate Peter who had the final say, telling the auctioneer to “wrap it up” as the action had now died down.

After the auction, Mr Fox said winning an auction takes tactics.

“We use a strategy that’s a little bit aggressive there to intimidate the opposition – and it paid off.”

The buyer, who was present at the auction but had Mr Fox bid on her behalf, was very pleased with the result after missing out at previous auctions.

“Definitely excited. The price bracket was a lot more comfortable than what we would of been dealing with before [which] was kinda pushing me to my limit,”

Equally as happy were Devana and Russell.

“We can just do stuff now; we don’t have to borrow [money],” Devana said breaking down into tears.

The successful sale meant the family could now start the next chapter in their life.

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