Old properties sell big at early auctions in Balwyn North, CBD

A war-era home and an apartment built in the ’90s have been snapped up at auction this week, proving newer isn’t always better.

8 Ajax Street, Balwyn North sold for $2.401m.

A World War Two-era home that has only changed hands twice since it was built sold more than $200,000 above reserve in Balwyn North earlier this week.

The circa-1940s brick home, at 8 Ajax Street, amassed a crowd of about 30 people on Thursday night after an offer of $2.2m brought forward the scheduled auction.

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The home has only had two owners.

The property was originally listed for $1.8m-$2m but ended up selling for $2.401m.

Marshall White Balwyn director William Chen said the vendors, who had lived at the property for about 36 years, were downsizing but were “very pleased” with the result.

“Their happy price (reserve) was $2.2m and to get $200,000 more was a really good result.”

He said the lucky buyers were a young family who were trying to buy into the area for the good schools.

Meanwhile in the CBD, a “quality-built” apartment inside Melbourne’s Recency Towers nabbed a $750,000 sale after it was listed for the first time in 23 years.

The two-bedroom, two-bathroom abode at 2204/265 Exhibition Street, in the heart of the city, initially passed in at Friday’s auction before selling “two minutes later” at asking price.

Harrington Earl Clifton Hill’s Steve Earl said the 1997-built complex offered a “fantastic location, genuine quality and size”.

“It’s not your more modern style of apartment and there’s not a lot of sales (in the building),” he said.

Regency Towers in Melbourne’s CBD offers quality over quantity.

The original bathroom is still in perfect condition.

“That’s why (the buyer) didn’t hesitate to pay that price — they knew if we went off to the open market it would have opened it up to the field.”

Mr Earl said the buyer was a “mature buyer” looking for an inner-city base.

He added that older-style apartments were much better value than those in modern-day towers, many of which have struggled to garner a sale since the COVID-19 pandemic began.

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Originally published as Old properties sell big at early auctions in Balwyn North, CBD