Homebuyers trump investors with strong bid for Wantirna South block
A YOUNG family edged out investors when they paid $848,000 for 64 Tate Ave in the heart of Wantirna South.
The three-bedroom home on a spacious 740sq m block had a sought-after location near parks, Studfield shops, Knox City shopping centre, schools and transport. Investors had eyed the location for its development potential next to a high-density growth zone.
With fewer properties for auction during the November 5-6 weekend, the modest Tate Ave house attracted plenty of attention to sell strongly for $848,000, according to Ray White Wantirna agent Sue Curry.
“It was a good result above the seller’s reserve and they are very pleased another family is going to own it,” Ms Curry noted.
There were four investors competing against an owner-occupier with the young family buyers winning the keys to the house.
Meanwhile, private sales have performed strongly in Rowville and Lysterfield in recent weeks. Barry Plant Rowville sold five homes for between $1.3 million and $1.92 million in the two suburbs in October.
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On October 31, it sealed deals for six properties, including the $1.415 million sale of 3 Clayden Rise, Lysterfield. The result for the home on a 1250sq m block was more than $100,000 above the seller’s expectations, agency director Brenton Wilson said.
In Ferntree Gully, a house at 58 McMahons Rd had new owners when it sold for $685,000. The seller of the 1960s brick veneer house had bought the property 16 months ago for $555,000 — a price rise of $130,000.
“The strong prices sellers are getting is the result of demand for limited stock. Sellers are getting multiple offers for their properties and we see this trend continuing in the new year,” Mr Wilson said.