Epping family buys home for $3.19 million at auction

A family living on the same street bought a three-bedroom home in Epping for $3.19 million at an auction on Saturday. They had admired the house at 34 Chelmsford Avenue for a long time. The auction drew six bidders, all from nearby areas. The competition was fierce, with five families actively bidding. The auction started with a vendor bid of $2.6 million. Bids then increased in steps of $50,000 and $10,000. The final price was significantly above the reserve, which Cassidy Real Estate's Neil Robson described as a few hundred thousand dollars over. Epping has seen its median house price jump 9.4 percent over the past year, reaching around $2.5 million. The sellers of the Epping home were downsizing. Robson noted that the house benefits from its prime location and nearby amenities. The property features elegant interiors with ornate ceilings and a retro bathroom. He mentioned that a recent interest rate cut has boosted buyer confidence, helping reduce concerns about high rates. In Concord West, another auction saw a Californian bungalow sold for $2.64 million. The buyers, a young family from Yagoona, plan to renovate the three-bedroom home on Iandra Street. The auction attracted five bidders, with four of them actively competing. The house had a starting bid of $2 million, and the final price was above its reserve. Concord West's median house price has also seen a rise, increasing by 9.5 percent to approximately $2,825,000 in the past year.