Chat with us, powered by LiveChatFamily ties lead to new price benchmark for Springvale knockdown home

Family ties lead to new price benchmark for Springvale knockdown home

First-home buyers swoop on Knox properties in ‘Super Saturday’ auctions

Two bidders seeking to live close to family have pushed up the price of a Springvale house and set a new benchmark for the area.

The sellers, who inherited 7 Maine Hey Crescent, expected a sale in the high $900,000s but were astonished when bidding ended at $1,345,500. 

The whopping result was more than $350,000 above the reserve, which left the siblings “very excited”, Barry Plant Noble Park agent Nalaka Weerakoon said.

The five-bidder contest came down to two groups who wanted to be close to their families living on the street or nearby. The buyer from Dingley will build a new home on the block, which is currently the site of a 50-year-old weatherboard house.

Eight months ago, Mr Weerakoon sold a similar property that had been fully renovated for $950,000.  

“When we launched the Maine Hey Crescent property, there were not many enquiries but we had 15 quality buyers interested,” Mr Weerakoon said.

“There were five bidders for the house which was basically a knockdown and rebuild and in a good location close to central Springvale.”

It set a price record for a residential block without high-density development potential, Mr Weerakoon said.

The strong result was also driven by the lack of properties for sale and strong demand in Springvale, Mr Weerakoon added. 

The suburb recorded a median house price of $870,000 as at September 2021, according to Real Estate Institute of Victoria data. Its median price has risen a strong 13.9 per cent over 12 months.

The October 16 ‘Super Saturday’ auctions saw the Barry Plant Group record an 88 per cent clearance rate from 89 reported results.

Two first-home buyers were behind outstanding auction results in the outer-east suburbs, with 11 Armiston Grove, Wantirna South, sold for $1,250,700 or well above the $1.1 million reserve.

“There was good, strong bidding for the property and a great result for the sellers who wanted the auction to be held when onsite inspections were allowed,” Barry Plant Wantirna director Brendan Murphy said.

Strong buyer interest also led to 69 Leonard Street, Bayswater, selling well above the $1.03 million seller’s reserve for $1,226,500.

First-home buyers renting nearby outlasted five other bidders for the five-bedroom house on 780sq m, Mr Murphy said.

The same day, a similar property at 46 Leonard Street sold with another agency for a much lower price of $933,000, sales records showed.