Balfour Court, Glen Waverley family home sold for $1.211 million

No. 8 Balfour Court sold under the hammer for $1.211 million to a family who decided to throw their hat in on the day, according to Harcourts Judd White Glen Waverley director Dexter Prack.

Mr Prack said the family already owned a home in the quiet street of only nine homes, which they bought approximately 12 months ago. Their latest purchase means they now own more than 22 per cent of properties in the street.

Their cash splash didn’t just add to their portfolio, it will also help set up some of their family who were moving from overseas, according to Mr Prack.

Having only looked at five-bedroom home with cathedral ceilings that morning, the family beat five bidders who had been eager to buy the property since early in the four-week campaign.

The home last traded in 1995 for $290,000.

Mr Prack said “a sense of stability”, had returned to the Monash region’s market after a period of “correction”.

“Our (Harcourts Judd White’s) clearance rate is currently at 96 per cent, and we’ve often been seeing at least three bidders at our auctions” he said.

“Owner-occupiers have been enjoying significantly greater success, having come to terms with property prices in the area in conjunction with interest rates remaining low.”

Mr Prack added while there had been some relief from the “exorbitant” prices of 2015, developers and investors re-entering the market could mean a resurgence.

“Now is a good time to buy,” he said.

The Monash region’s median price for houses sits at $1.291 million, and the median unit price at $680,000.

SEE SUBURB PROFILE: GLEN WAVERLEY