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Humble three-bedder hands owner $400K price gain

Real estate & property news
24 July 2023
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Buyer demand delivers strong price gains to sellers

A Wantirna South homeseller has made a huge return on their investment over a short period.

In 2019, they paid $870,000 for the unrenovated house on 725sq m at 28 Haideh Place, which sold at auction on July 15 for a whopping $1.311 million.

Four bidders pushed the result $141,000 beyond the reserve price, according to Barry Plant Wantirna partner Ricko Su, who handled the sale in 2019.

The seller achieved a price gain of $441,000 over the period, sale records showed.

“They have done very well,” he said.

“And not only is the result a record for a three-bedroom house in that pocket, the property sold for more than four-bedroom house fetch in the area.”

There was strong interest in the property during the campaign because it was well presented, Mr Su added.

The buyers were a young couple from Clayton who had been hunting for their first home and had missed out at several recent auctions.

Another seller was also amply rewarded when their purchase of 4 Rebecca Court, Wantirna South turned into a profit of more than $200,000 in a short period.

They had bought the three-bedroom house for $936,000 in 2021 and sold it at auction on July 15 for $1,153,800.

“The property attracted two bidders and it was sold to a downsizer,” Mr Su said.

The agency also achieved another great auction result in Wantirna South the same day. A four-bedroom property at 19 Coleman Road changed hands for $1.281 million. The property was purchased in 1993 for just $140,000.

Meanwhile, in nearby Glen Waverley, two bidders who inspected the house on the day of the auction, went head-to-head to win the keys to 34 Greenways Road, driving the price up to $1.86 million.

“There were five bidders but it was these two who kept the contest going and placed the final two bids,” Barry Plant Glen Waverley agent Ryan Yan said.

The house was expected to sell in the $1.7 million range.

“It sold well above expectations,” Mr Yan said.

“And this shows the market is still strong because of less stock and good buyer demand.”

For sale for the first time in two decades, the property was purchased for $465,000 in 2003, according to records. The seller achieved a price gain of $1.395 million or nearly $70,000 a year.

Real estate & property news
24 July 2023
Save Article

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