Auction competition between Melbourne buyers and local farmers drove the sale of a Californian bungalow in a country town to $357,000. Located on 7 Noble Street, the property had a reserve of $295,000 and was described by Elders Real Estate Euroa agent Brendan Allen as being on one of the town’s best streets, selling for less than half the price of a typical Melbourne house.
Ancient charm and a hot market
Four bidders challenged each other for the keys to the two-bedroom, one-bathroom fixer-upper, which sits on almost a quarter of an acre. The underbidder is from Melbourne and sees value in doing much of the reno work themselves, using it as a weekender at first and possibly a permanent base. Another Melburnian and a bidder from the Seymour area also took part. The auction opened at $250,000 and was “really hotly contested,” Allen says. Bidding rose in increments of $10,000, $5000 and $2000, dropping to $1000 from about $350,000 onwards, until the potential buyers ran out of steam at $357,000.
The property is part of a deceased estate, blemished but full of character, from patterned carpets to a pink-and-turquoise kitchen, faded lino floors, an amber glass shower screen, and a classic Hills Hoist in the garden. In Melbourne, the weekend clearance rate was 56 per cent, with 347 properties sold from 618 reported auctions and 838 scheduled. One hundred properties were withdrawn from auction and 171 were passed in.
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Euroa’s real estate market, located roughly 125 kilometers northeast of Melbourne’s central business district, has performed strongly. The town is historically notable for the 1878 bank heist led by outlaw Ned Kelly and his crew. It’s also renowned among equestrians as top-tier thoroughbred country, hosting elite training facilities and stud farms.
Yet the appeal of this property centered on its street—Noble Street—which Brendan Allen describes as one of Euroa’s finest addresses. ‘Its prime location on the north side, combined with its character, made it uniquely attractive at an accessible price, drawing serious competition,’ he notes. Allen adds that Melbourne buyers frequently target Euroa properties, drawn by its proximity, under two hours from the city via the Hume Freeway, and reliable V/Line train connections.
A retirement destination for city dwellers
The appeal of Euroa extends beyond the initial weekend trip. Allen notes that many potential owners view the town as a future retirement location. The village atmosphere appeals to those seeking a quieter pace of life. Accessibility remains a key factor in this decision. A drive of under two hours connects the town to the capital. V/Line train services provide an alternative travel option for those who prefer not to drive. These logistical factors make the long-distance commute manageable for work and leisure.
