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Seven-unit Frankston blocks gifts vendor $325K premium

Real estate & property news
22 April 2024
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A long-held Frankston investment paid off for its owners when its auction soared to a $2.115 million result.

Moonee Valley and Narre Warren North sales are also among mid-autumn’s vibrant results

The drawn-out auction for 49 Lardner Road, which comprised seven one-bedroom units, gave the vendors a massive $325,000 above the reserve on April 13, Barry Plant Frankston director Tom Larkin said.

“The owners have had the property for decades,” he said.

“It was a unique and rare listing that attracted mostly investors from closer to the city.”

The property was desirable because of its development potential, rental income, location and position in the popular Frankston High School zone, Mr Larkin added.

The 1753sq m block also backs on to the suburb’s Monash University campus.

49 Lardner Road, Frankston

“We were surprised by the final result and the vendors were over the moon,” Mr Larkin said.

“The auction took 45 minutes as bidding started slowly and then increased from the $1.9 million mark with 200 bids of $1000 rises.”

Four buyers, including one on the phone, made bids, and the auction smashed the $1.79 million reserve.

Meanwhile, results from mid-autumn sales showed a “positive outlook” for the market, according to Barry Plant Essendon & Keilor East director Bill Karp.

“Our auction sales not only attracted a minimum of three bidders wanting to buy, but achieved sale prices in excess of their vendor’s reserve prices,” he said.

Among the top results on April 13 was 62 Kent Street, Ascot Vale, where competitive bidding among three determined buyers led the character-filled Edwardian house to a $1.5 million sale.

62 Kent Street, Ascot Vale

This was around $100,000 above the vendor’s reserve price for the property that has potential for future renovations.

In Kingsville, 10 Chatfield Street drew three bidders and sold strongly above its reserve for $1.162 million. The three-bedroom property has good access to the trendy cafés and restaurants of Footscray, Yarraville and Seddon.

10 Chatfield Street, Kingsville

And 28A Vaynor Street, Niddrie, sold prior to its set date after it received a strong $1.265 million offer.

And a private sale on April 12 for 4 Ascot Court, Narre Warren North, saw a buyer splash $1.875 million.

4 Ascot Court, Narre Warren North

The grand four-bedroom house on 2634sq m had three interested buyers from the groups that inspected it, Barry Plant Narre Warren managing director Nicola Parreira


It was an attractive house with character and charm and featured style and luxury plus stunning gardens. It sold a family who are upgrading from nearby Endeavour Hills.

Real estate & property news
22 April 2024
Save Article

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