Chat with us, powered by LiveChat

Glen Waverley bidding war smashes reserve by six figures

Real estate & property news
05 December 2023
Save Article

Premium prices for renovated homes in eastern and south-eastern suburbs and a bidding war between a buyer’s advocate and an investor has resulted in a Glen Waverley family home selling for more than $300,000 above the reserve price.

The buyer’s advocate defeated the investor to win the keys to the three-bedroom house at 4 Whites Lane (pictured below), on November 25.

His client splashed $1.923 million on the property, a whopping $323,000 above the $1.6 million reserve, according to Barry Plant Monash sales manager Tony Ievoli.

“There were three bidders at the auction, including the two very committed buyers,” he said.

“They pushed the price well over expectations.”

The sellers, who were new Australians, bought the property four years ago and were upgrading, Mr Ievoli said.

The well-presented and recently updated family home drew strong attention while it was on the market.

About 40 groups inspected the property, with interest around $1.4 million, Mr Ievoli said.

“Renovated homes in this area generate the highest demand,” he said.

“Buyers here are predominantly of Asian background and they prefer renovated homes, and there is a reasonable supply of these properties in Glen Waverley.”

The move-in-ready family home features multiple indoor and outdoor living areas, a quality kitchen, and all the modern comforts and conveniences.

Also a drawcard was its location in the sought-after Brentwood Secondary College catchment zone, and proximity to the freeway, train station, The Glen shopping centre and Kingsway eateries.

On the same day, a four-bedroom house on 1073sq m at 7 Amberley Court, Wantirna (pictured below), fetched $1.455 million.

Four bidders, including one who was bidding online, pushed the price beyond the $1.4 million reserve, according to Barry Plant Wantirna agent Chris Hodge.

“They were all families who were attracted to the size and potential of the home,” he said.

The buyer was a tradesperson who was drawn to the spacious floorplan, triple garage, workshop and ample storage and parking space.

Built by the owners in the early 1980s, the house features lofty cathedral ceilings, an open fireplace, and an outdoor entertainment area by a pool and spa.

Primary schools, Wantirna College, parks and Studfield shops are within walking distance, while Westfield Knox Shopping Centre, buses and EastLink are not far away.

Mr Hodge said that because the property was unrenovated, it attracted a lower number of buyers.

“Renovated homes are more in demand and sell well,” he said.

He pointed to the updated four-bedroom house at 4 Stratford Square, Wantirna (pictured below), which sold prior to auction for $1,270,670, well above the seller’s expectations.

The property changed hands to a family who had been looking for six months for a home in the suburb, Mr Hodge said.

“They were renting in Glen Waverley and wanted to live closer to the schools here,” he said.

And in Bayswater, a modern and well-appointed townhouse at 1/8 Elm Street (pictured below) sold for $858,000 after its auction was cancelled.

“A pair of young first-home buyers from interstate snapped up the property after one inspection,” Mr Hodge said.

Real estate & property news
05 December 2023
Save Article

Get more from Barry Plant.
Sign up for our newsletter

Sign up now to stay informed about market trends, investment opportunities, and exclusive property listings. Don't miss out on valuable insights - join our community today!

Get more from Barry Plant.
Sign up for our newsletter

Sign up now to stay informed about market trends, investment opportunities, and exclusive property listings. Don't miss out on valuable insights - join our community today!