“It’s a beautiful location. It’s close to everything, north facing, very light and bright, and it’s such a quiet little pocket.”

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Tramontana said while villa-style units were traditionally popular among downsizers, they were becoming increasingly sought-after as first homes.

“They’re affordable for people that are getting out of the rental market. Now that they can pay their own mortgage, they’re thinking, ‘Well, why am I paying somebody else’s [mortgage]?’ So they’re becoming quite popular with young people,” she said.

In the bayside suburbs, a fixer-upper unit in Beaumaris sold at auction for $775,000 to a local couple keen to embark on a renovation.

A crowd of 60 people watched the auction of 1/117 Cromer Road, a deceased estate, which sold $75,000 above its reserve.

The bidding opened with an offer of $680,000 before a competitive auction ensued, with five active bidders vying for the two-bedroom unit.

“It just went up and up and up,” said Kevin Pleysier of Hodges Real Estate Beaumaris.

Pleysier said the successful buyers, who plan to live in the unit, had already completed a renovation and wanted to flip the property.

“It’s a great little purchase for someone to do exactly what they’re planning on doing,” he said.

Pleysier said some potential buyers were deterred from bidding due to the property sharing outdoor spaces with four neighbouring units in the boutique complex.