Buyers pay top dollar to secure newer Epping homes
THE recent auction of a home in one of Epping’s newer estates has highlighted price growth in the area, according to a local agent.
A four-bedroom house on a 406sq m block at 4 Minerva Rise in the Lyndarum estate sold at an in-room auction for $515,000 on August 25. The figure smashed the reserve by $30,000.
Ray White Epping’s Ben Pellicori said it was encouraging to see such good price growth in these areas.
“This is great news for homeowners,” Mr Pellicori said.
SEE SUBURB PROFILE: EPPING
There was fierce competition between the underbidders, first-home buyers from Frankston, and the buyer who came from Epping, Mr Pellicori said.
“The buyers liked the home’s location near the Lyndarum shopping centre and the size of the updated house,” he said.
Nearby in the Hayston Valley estate, a four-bedroom house on a 611sq m block at 17 Granite Outlook was snapped up by a buyer from Mill Park for $600,500 — a figure $35,500 beyond the reserve.
“We had five registered bidders with three competing on the night,” Mr Pellicori said.
In-room auctions were proving more successful than those held on site, according to Mr Pellicori.
Those who attend are in “real estate” mode and are there to bid, buy or sell, he said.
“It is also a friendly environment where everyone can relax away from inclement weather,” he said.
In Thomastown, it was a case of “buy at first sight” for a Preston investor.
SEE SUBURB PROFILE: THOMASTOWN
Ray White Bundoora’s Nick Petrovski said the buyer happened to drive past a two-bedroom unit at 2/21 French St just before the auction began.
“He stopped, had a quick look, started bidding and bought the home, ” Mr Petrovski said.
The five bidders who competed for the run down strata unit “in need of some hard yakka” pushed the selling price to $245,000, a total $20,000 beyond the owner’s reserve, Mr Petrovski said.
The unit drew plenty of interest while it was on the market, he said.
“It was rare to find a property at this price point in the area,” he said
“It was also well located within a short walk of Lalor shops and train station.”