A TWO-bedroom apartment in Richmond has sold for $195,000 more than its reserve price.
Eight bidders pushed the renovated Art Deco pad at 1/213 Punt Rd to $815,000 under the hammer as a huge crowd of about 120 people watched on in the spring sun.
A reserve of $620,000 was hit within seconds as Hocking Stuart, South Yarra, auctioneer Grant Wallace did his best to keep up with rapid-fire bids from all angles.
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In the end, the hammer fell to a family from country Victoria, he said.
“It will be a town base for him and his son will eventually own it. So parents buying for their kids, essentially,” Mr Wallace said.
Aside from one downsizer, the rest of the bidders also were first-home buyers trying to break into the inner Melbourne market — or parents looking to give their kids a boost.
Mr Wallace said the unit’s popularity was driven by its rare appeal, including a car park, being one of just four apartments in the building and a courtyard like a “private Richmond oasis.”
Renovated about five years ago, the stylish compact pad features one combined living, kitchen and dining space, one bathroom and the outdoor area, all on central Melbourne’s fringe.