Multi-generational home in Gladstone Park sells for $805,000 under the hammer

A multi-generational home in Melbourne’s northwest sold for $805,000 at auction Saturday, more than $65,000 above its reserve price.

Vendors Mel and Scott Carthew purchased the five-bedroom abode at 42 Clarke Drive, Gladstone Park, as a financial and family investment, with Mel’s brother and parents living there in the eight years they owned it.

Ms Carthew’s parents, who were living in the property before it sold, are planning to downsize and move to Essendon.

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Despite “barely” living there themselves, Ms Carthew said the home’s grandness is what appealed to the them the most when they bought it.

“It’s big, there’s three levels, the downstairs has two bedrooms, a bathroom and kitchenette where my brother and his partner lived for a while,” Ms Carthew said.

Despite foggy and cold conditions Saturday morning, around 30 buyers came out in force, with three bidders going head to head to secure the home.

The opening bid began at $650,000, and proceeded to rise steadily by $10,000s and $20,000s until a local, young family with four children eventually secured the property.

Ray White Gladstone Park senior sales consultant Dom Zampaglione said the owners had been looking for “a little while” but needed to make sure they bought something that was spacious.

“This ticked all the boxes for them,” Mr Zampaglione said.

“There is still high demand for larger homes and there’s not many of this calibre that come up in Gladstone Park.”

The 563sq m, triple-story home has a main bedroom on its top floor with its own private study or retreat and an ensuite adjacent to three additional bedrooms and two bathrooms.

Standout features include a home office, theatre room or fifth bedroom, and rumpus room.

Prior to the auction, more than 70 groups inspected the home with a price guide between $690,000-$730,000.

While it was sad to let go of the home, Ms Carthew said it was time to move “on to bigger and better things”.

“When we bought it, it was an investment for our family as well,” Ms Carthew said.

According the latest PropTrack Home Price Index, national home prices continued to stabilise in April after rising for the fourth consecutive month, rising 0.14 per cent.

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