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Investor swoops to add six Box Hill units to portfolio

Real estate & property news
11 June 2024
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An out-of-area investor has snapped up a rare six-unit listing in Box Hill after outbidding three local investors.

The buyer, who already has a string of investments in Melbourne, edged out the others with a bid above the seller’s asking price.

The 1-6/23 James Street property comprised six one and two-bedroom units on the 826sq m site.

SOLD - 23 James St, Box Hill Unit

The midweek auction on May 30 attracted a crowd of 60 who watched the property sell above the $2.25-$2.4 million price guide.

“Such unit blocks are rare in Box Hill and more common in the inner city,” Barry Plant Whitehorse auctioneer James Wardrop said.

“This property was sought after because of the rental income and potential to add value.”

The double-storey block built in the 1970s was owned by one family and offered individual titles and an annual rental income of about $108,000.

“The vendors had owned it for three decades and many of the buyers were keen to reap the rewards of such a property,” Mr Wardrop said.

“There was good competition among the bidders and it sold well to the satisfaction of both the buyer and seller.”

The block is in the Box Hill High School zone and has potential for redevelopment.

Mr Wardrop noted there had been increased activity among investors and expected more investment properties to be listed in coming months.

“Investors are starting to see that it is a good time to buy and prices are expected to rise,” he said.

Centrally located Mitcham unit scores strong price

On June 1, a unit at 5 Doncaster East Road, Mitcham, also sold to an investor for just below $1 million.

The three-bedroom, two-bathroom unit on 358sq m had its own title and fetched $955,000, which was within the vendor’s price guide, Mr Wardrop said.

SOLD - 5 Doncaster East Rd, Mitcham

In the heart of Mitcham, near Mitcham Primary School, Mullauna College and the train station, the unit features a modern floorplan. The property last sold in 2015 for $810,000.

Real estate & property news
11 June 2024
Save Article

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