Fawkner property gains nearly $400K in four years

News Detail

Fawkner property gains nearly $400K in four years

Real Estate

- Sunday, 15 October 2017

SAVVY investors have had a near $400,000 windfall in Fawkner after arranging permits for three townhouses to be built on their corner site.

Developers converged on the 570sq m block at 31 Major Rd, with about six or seven bidders taking the sale price to $840,000, according to Advantage Property Consulting director Frank Valentic.

RELATED: The future is mostly bright for Melbourne’s property market

31 Major Rd, Fawkner.

31 Major Rd, Fawkner.Source:Supplied

 

He said properties with permits were attractive to developers who could avoid having to fight for approval.

The sellers bought the property for $453,000 in 2013, so toasted a big windfall.

See a wrap of other results from across the city below.
SOUTH

2/18 Stratford Ave, Bentleigh East.

2/18 Stratford Ave, Bentleigh East.Source:Supplied

 

2/18 Stratford Ave, Bentleigh East

 

SOLD: $810,000

BIDS were “flying from all directions” at the auction of this two-bedroom villa unit, according to Elite Buyer Agents director Kim Easterbrook. She said six bidders drove the price $60,000 beyond where it was called on the market. First-home buyers and downsizers showed interest in the dated but spacious unit, with one particularly determined bidder coming up trumps.

EAST

58 Raheen Ave, Wantirna.

58 Raheen Ave, Wantirna.Source:Supplied

 

58 Raheen Ave, Wantirna

SOLD: $1.43 million

This five-bedroom family entertainer attracted two bidders but was passed in at $1.388 million. Another buyer joined in the post-auction negotiations and the home sold, MJ Docking director Adam Docking said. It went to a family upgrading from Glen Waverley. The home is in the zone for popular Templeton Primary and features an outdoor area and pool on 1354sq m.

— Ming Haw Lim

WEST

4/100 Stanhope St, West Footscray.

4/100 Stanhope St, West Footscray.Source:Supplied

 

4/100 Stanhope St, West Footscray

SOLD: $733,000

TWO bidders took this two-storey townhouse about $20,000 above reserve, reported Property Mavens chief executive Miriam Sandkuhler. An investor won the keys to the three-bedroom home. “With changes to bank lending policies starting to bite, fewer bidders are attending auctions,” she said, adding “good investment fundamentals” would continue to attract buyers.

scott.carbines@news.com.au

Originally published as Fawkner property gains nearly $400K in four years

Source: http://www.news.com.au/finance/real-estate/melbourne-vic/fawkner-property-gains-nearly-400k-in-four-years/news-story/bfb1dc2e194c3655765cdd3bff3615ef