An eastern suburbs family has gained almost $100,000 a year after an investor paid a whopping sum for their three-bedroom house in original condition.
The property at 17 Madigan Drive, Glen Waverley, was sold in one of 18 online auctions on September 18 by Barry Plant agents, with a perfect clearance rate and several strong results reported.
One of six bidders, the buyer splashed $1.604 million, sight unseen, for the 1984-built house located in the zone for two sought-after state schools.
The unrenovated house attracted 12 buyers who registered to bid, Barry Plant Monash area manager Julie Guiqian Wells said.
“The auction was strong and quick, and gave the owners a very good return on their purchase,” Ms Wells said.
The sellers bought the property in 2012 for $755,000, and the sale resulted in a price gain of $849,000 over nine years or $94,333 annually, according to sales data.
“The buyer was also pleased and is looking to buy another investment residential property,” Ms Wells added.
In Eltham North, 39 Parry Road sold almost $250,000 above the seller’s reserve for $1.475 million as 10 buyers registered to bid at the auction.
The lifestyle property on 8111sq m is in the catchment for a sought-after school and has a pool and spa, plus spacious living zones.
Another strong result was 59 Botanic Ridge, Doncaster, which also had 10 registered bidders and sold for $1.531 million, Barry Plant Manningham managing director Spiro Drossos said.
The agency also sold a 4000sq m property at 3 Lomond Court, Warrandyte, for $2.08 million on September 13.
On the same day, an acreage home at 298-302 Heidelberg-Warrandyte Road, Warrandyte, changed hands for $3.077 million.
“Many buyers are looking for large homes, and spacious family homes on the market have done very well,” Mr Drossos said.
Meanwhile, a vacant Frankston block with stunning bay views was snapped up for $1.02 million on September 18.
Barry Plant Frankston sold 569 Nepean Highway on coveted Olivers Hill soon after it was passed in at $950,000. It had a price guide of $900,000-$990,000.
Positioned in the Frankston High School zone, the 607sq m block is in a blue-chip spot opposite the boat ramp with unobstructed water views.