What $786k bought in Windsor apartment auction
The two-bedroom unit at 19/40-50 High St had $740,000+ price hopes, and hit the market at $750,000, before climbing to its final sale price under the hammer.
The auction, led by The Agency's new Victorian general manager of sales Michael Wood, drew a crowd of 30 to 40 people and kicked off with a $700,000 phone bid from an interstate buyer in Sydney.
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But it was a local young professional who ultimately secured the keys, after bidding against two other first-home buyers who had zeroed in on the apartment's size, location and long-term value.
'This wasn't your average two-bedder,' Mr Wood said.
'You had two car spaces, a separate storage room, a proper balcony, house-like proportions and a study nook, all on the top floor of a boutique block just 500m from Chapel St.'
Mr Wood said buyers were clearly moving away from newer 'cookie-cutter' apartments in favour of older, well-built homes with more space and lower owners corp fees.
'Shoeboxes are out. People are prioritising build quality and future capital growth over shiny finishes,' he said.
'This apartment had been freshly painted and carpeted, it was ready to move in, but it also gave buyers a chance to add value over time.'
The building, completed in the early 2000s, had attracted strong attention from professionals in their 20s and 30s, many of whom were frustrated by the lack of well-sized listings under $800,000.
Mr Wood said the mix of space, liveability and location made the property one of the most compelling value propositions on the market.
'There's a perception that you have to spend upwards of $850,000 to get something this size in Windsor,' he said.
'This home proved that's not the case, and the buyers were pleasantly surprised.'
The campaign attracted 33 enquiries and 22 inspection groups, with 11 contracts requested and three active bidders on auction day.
Despite no rate cut from the Reserve Bank this week, Mr Wood said the market was showing strong buyer confidence.
'There's real urgency from serious buyers,' he said.
'They know if they wait for rates to drop, they'll face even more competition, and probably miss out.'
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