Historic inner-city townhouse sells for over $1m

The property was one of 573 properties scheduled to be auctioned in Melbourne this week.

A three-bedroom house in Fawkner has sold for $735,000 to first home buyers, having gone over the line in post-auction negotiations.

The newly renovated home is part of a two-home subdivision. 1/22 Emma StreetIt was advertised with a price guide of $690,000 to $750,000. The auction started with the seller’s bid of $700,000.

Auctioneer and agent Alex Mauro of Woodards Coburg said there was only one more bid of $710,000 before the 15-strong crowd stopped bidding.

“People were looking at me for a while as if there was something on my face,” he said. However, once the house was delivered, negotiations with the highest bidders progressed quickly and the sellers’ $735,000 reserve was met.

Mauro described the buyers as an “excited, giddy” young couple who are currently renting locally in Coburg.

The property, which has been completely renovated over the last five years, was the sellers’ family home. However, it has been rented out in the last 2-3 years.

Mauro said he thought the Federal Reserve’s decision to raise cash interest rates on Tuesday did not change buyer behavior much this weekend, and may have even persuaded some buyers to buy a home with a fixed interest rate.

“I’ve always been of the view that you date a mortgage and marry the house,” he said.