Investors and first-home buyers competed for the keys at six homes between Springvale and Doveton which fell under the hammer at the weekend.
The market is ‘absolutely red hot’, according to Barry Plant Noble Park, Dandenong and Keysborough offices director Chee-ky Dunlop.
“The property market has been tracking along quite well, we are seeing a low supply of properties for sale and a strong buyer demand from a diverse mix of investors, developers, first-home and second-home buyers,” Mr Dunlop said.
“The best advice we can give in this constantly changing market is purchase now, because by the time settlement comes around, you have most likely made money.”
A three-bedroom, beautifully renovated house at 6 Cascade Court, Noble Park North drew strong bidding from four groups of mostly young families and first-home buyers and sold for $886,000, well above the seller’s expectations.
The home was immaculately presented and the location was a big draw card for families, according to Tim Stickley, also a director of Barry Plant’s Greater Dandenong group of offices.
“The location was a definite driver for the sale, it’s a really good spot for families, there are lots of great schools nearby, close to the freeway interchange and being a residential zone there is no over-development of townhouses,” he said.
“We had really strong interest in the home – not surprising as there has been a real upsurge in the market in the last couple of months.”
Nearby, 168 Noble Street, Noble Park sold under tough competition between multiple investors and a first-home buyer. Two bidders, who had only inspected the property just before the auction commenced, started bidding halfway through.
“We didn’t have a great amount of interest throughout the campaign, only 29 groups inspected but the investors were out in full force on the day,” Barry Plant Noble Park auctioneer Chang Wang said.
“The property is currently tenanted which is a drawcard for investors, along with the great location and the dimensions of the block were very appealing.”
The property was announced on the market at $720,000, it fell under the hammer at $725,000 to an investor who has long-term plans to redevelop the site.
Another investment property at 4 Dorothy Street, Doveton was an unrenovated, three-bedroom house that sits on just over a quarter of an acre and it sold for $726,000.
The property last changed hands in 1983 for $38,500, according to CoreLogic data.
The market is going strong in Doveton with the median house price up 28.6 per cent to $532,000 since March 2020, according to data from realestate.com.au.