Cashed-up foreign buyers seek new luxury homes in Monash
Family snaps up deluxe Glen Waverley house for an eye-watering price
It took just a day for a new $4 million-plus home in Glen Waverley to attract a buyer.
A family originally from Singapore did not hesitate to splash out on the five-bedroom, five-bathroom house at 12 Pindari Street in a recent deal where the property was not publicly advertised.
“We had the photos taken but before it could be listed online, it was sold to the buyer who was in Singapore,” Barry Plant Glen Waverley agent Julie Guiqian Wells said.
“He wanted to wait a week until he returned but was told the house might be sold by then, and so he bought it without inspecting it.”
There were several other buyers looking for such homes in the suburb, Ms Wells added.
The French provincial-style property on 646sq m is in the coveted Glen Waverley Secondary College zone and is also near Wesley College, The Glen shopping centre and train station.
The buyer is eligible to purchase a new home but will have to pay around $700,000 in stamp duty which is applicable to those who are not citizens or permanent residents.
Ms Wells noted new luxury listings in the suburb were rare because the pandemic had caused construction delays.
“We could sell such homes if only we had the supply and there are buyers on investment visas looking to buy $4-$5 million homes,” Ms Wells added.
In Victoria, the Significant Investor visa allows eligible persons to live in the state for an investment of at least $5 million.
Many such investors are keen to purchase homes here for their families to live and study in top schools and universities.
“The Pindari Street house has a great location for the buyer who has children going to local schools,” Ms Wells said.
Many cashed-up buyers coming from traditional source markets such as China, Hong Kong and Singapore have been active in the city’s eastern suburbs for a long time.
The top end of the market in the area is looking good, with properties at the $1.5-$2 million price point performing strongly in 2021, Ms Wells said.
“However, properties priced above $3 million is in short supply,” she added.
On March 5, Ms Wells sold another home in the suburb, 28 Kerrie Road, for $3.003 million. This was the highest auction result for that week in the Barry Plant Group.
In January, she secured a buyer for 8 Ada Street, a French provincial-style home, for $4.38 million in a private deal.