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Solo buyer realises quarter-acre block dream in Ferntree Gully

Real estate & property news
12 September 2023
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Investors returning to market battle owner-occupiers

It took a mighty final bid in a highly competitive auction for a buyer to land a traditional Australian dream of a house with a large backyard.

The four-bedroom house on nearly 1000sq at 11 Burke Road, Ferntree Gully (pictured above and below), sold for almost $200,000 beyond the seller’s reserve when the hammer fell at $1.12 million on Saturday 2nd September.

The single buyer was keen to upsize to the property and had inspected it several times, while the underbidder only saw the property on the day, Barry Plant Boronia auctioneer Mark Hughes said.

“This block is larger than a normal one in the suburb, and offers a traditional Aussie backyard, with a zip-line installed by the owners for the grandkids to play,” he added.

“It has beautiful street appeal, a large tradesperson’s garage, and an undercover outdoor entertainment area with a cabana.”

The property also attracted two more bidders from nearly 140 groups at inspections, and gave the sellers, who are moving interstate, a hefty premium.

“They burst into tears after the auction,” Mr Hughes said. “They have lived there for several decades.”

On the same day, an investor outbid four owner-occupier families at the auction for 21 Piccadilly Avenue, Wantirna South (pictured below), which sold for $1,367,100.

This was just $1000 more than the second highest bid, Barry Plant Wantirna partner Ricko Su said. The result gave the seller nearly $120,000 above their reserve price.

“The property appealed to families as it is a walk to Knox Shopping Centre and in the Templeton Primary zone,” Mr Su said.

“But the investor from Vermont South outbid the families, while the underbidder saw the house for the first time at the auction.”

Another investor, who owns multiple properties in the Oakleigh East area, splashed $1.24 million on 28 Lawson Street, Oakleigh East (pictured below), outbidding two families, Barry Plant Mentone-Cheltenham agent Kylie Sirianni said.

The three-bedroom property is on a single-dwelling covenant, which deterred developers but attracted families keen to demolish and build their dream home.

“The investor, who bought it with his son, only rang up a few days earlier and had not seen the house until auction day,” Ms Sirianni said.

The original house on nearly 800sq m will be rented out by the buyers, who will enjoy an income and capital growth in the sought-after suburb.

In the city’s north, five bidders pushed the result of 2/92 Woolnough Drive, Mill Park (pictured below), more than $70,000 beyond the seller’s reserve.

The property, which fetched $652,000 from a price guide of $530,000-$580,000, was among many successful auctions on the first Saturday of spring.

Real estate & property news
12 September 2023
Save Article

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