A great villa in Ascot Vale… chancing it at Auction

We identified a little block of villa units in Ascot Vale earlier this year in our quest for an investment property for a young couple.

In a boutique block of four, the unit we had found for past clients was at the rear of the block and had a bonus addition of a huge courtyard on title (almost the same size as the unit itself). Whilst it ultimately wasn’t the property they purchased, we were excited by the location – a wide, tree lined street running off Union Road, full of period properties and limited blocks of apartments and units.

When another unit in the block came up for sale last month, we pounced at the opportunity to secure it for one of our first home buyers.

Our client wasn’t too familiar with the area but his strategy was to move into the property for a year to gain the stamp duty concession and then lease it out afterwards. In our first few discussions he had been wary of moving away from his friends and lifestyle into a new area but he was determined to buy an investment grade asset.

The inner west and north-west was an exciting new area to explore.

Coming towards the end of Spring we were enjoying an influx of new listings into the market and we had canvassed properties ranging from Altona through to Moonee Ponds. Our wishlist included a small yard, a fairly modern interior and an address within walking distance to the shops and station.

When this villa unit in Roseberry street came online we knew it would tick all of our boxes, but our concern was whether it was within what was already a tight budget.

What we didn’t know is that due to factors beyond the agents control, we ended up being the only bidders at the auction. The property passed into us and we secured it for more than $80,000 less than the one which sold a month prior with the slightly larger courtyard.

An interesting outcome, particularly taking into account that our clients had last minute jitters and considered not attending hte auction at all. In situations like this, we often say “You have to be in it to win it”.

With a combination of right time, right place and the help of a Spring market – our client was thrilled to have purchased his first home (with the bonus of having his girlfriend’s tick of approval too).

Photos sourced from REA