Young buyers pay $56K over reserve for Belmont renovator

Young homebuyers won a two-way race for a renovation project in Belmont. It sold $56,000 over the reserve at auction.

Belmont man Steven Trotter, centre, was the successful bidder at Laura Ave on Saturday. The underbidders lead on their car, left. Picture: Peter Farago

Family members are following in each other’s footsteps to a hot part of the Belmont property market.

A bidder acting for his brother-in-law secured a three-bedroom weatherboard house at 29 Laura Ave at Saturday’s auction.

The 772sq m property sold for $586,000 in an auction that finished $56,000 above the vendor’s reserve price.

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Bidder Steven Trotter said the buyers had inspected the property on Thursday.

Auctioneer Kieron Hunter calls for bids at a Laura Ave, Belmont auction. Picture: Peter Farago

“I’m buying for my brother-in-law. He’s in Melbourne at the moment working so they’ve been looking around for a while,” Mr Trotter said.

“They came through here on Thursday night and gave me a call to bid for him.

The underbidders laugh off a last-ditch attempts to raise their offer. Picture: Peter Farago

“He’s planning to work on it over time. He’s mid 20s and will move down here with his partner.”

Mr Trotter remarked at how similar the weatherboard house is to is own renovation project, nearby.

29 Laura Ave, Belmont sold for $586,000.

“We’ve renovated ours and we live over in Hill St. The layout is slightly different but the era of it and everything about it just reminds us of ours when we bought it about four years ago.

“There’s even a fig tree out the back.”

The kitchen had been renovated.

There were two bidders for the property, which Barry Plant, Highton auctioneer Kieron Hunter said offered plenty of potential.

“Everybody wants a property with options. There are options are here to subdivide, to renovate and extend, to clear the block and build townhouses down the track and to lease it out with the Belmont High School zoning,” he said.

29 Laura Ave, Belmont sold for $586,000.

Mr Hunter was expecting far stronger interest from both investors and first-home buyers prior to the auction.

The property had been offered with a $510,000 to $530,000 price range.

Belmont’s median house price has risen 3.7 per cent in 12 months to $555,000, according to Hometrack data.

Originally published as Young buyers pay $56K over reserve for Belmont renovator