Ringwood digs sells big to first-time buyer after four vying purchasers fought for the abode

5/33-35 Oban Rd, Ringwood sold at its Saturday auction.

A first-time buyer from Box Hill purchased a Ringwood pad for more than $60,000 above its reserve price at its Saturday auction.

The seller of the three-bedroom unit at 5/33-35 Oban Rd had $780,000-$850,000 price hopes, but their home ended up selling for $928,000 — $63,000 above its $865,000 auction reserve price.

Four vying buyers participated in the auction with bidding starting at $750,000 and rising in $20,000-$500 increments until it was sold.

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Two of the four bidders were first-home buyers and the two other interested parties were looking to upsize from their current homes.

The spacious, open plan living and dining area, opposite the kitchen.

CHN Real Estate Group partner Wen Yu Huang said the sale went much better than he expected.

“Based on the sale, it looks like the market is doing pretty well,” Mr Huang said.

“There’s probably not as much supply as everyone thinks there is.”

He believed the recent cash rate cut from the Reserve Bank of Australia last Tuesday — which underpinned home loan costs — had increased confidence among prospective buyers.

“People are expecting maybe more buyers to jump into the market soon, so they might not want to wait too long and pay more than what they’re paying at the moment,” he said.