School zones key to price

Herald Sun - Property - - MARKET WRAP - WITH PETER FARAGO

BIG blocks mean big bucks when it comes time to sell around Mt Waver­ley.

A big devel­op­ment site smashed the re­serve by $230,000 as four homes in the sub­urb achieved mil­lion-dollar auc­tion sales last week­end.

The 1004sq m prop­erty at 6 Bishop Court was mar­keted to home builders and de­vel­op­ers, with eight bid­ders rais­ing their hands at the auc­tion, Jel­lis Craig, Mt Waver­ley, agent Con La­zo­gas said.

The home, which is set to be razed, was on the mar­ket at $1.25 mil­lion be­fore it was sold for $1.48 mil­lion.

Mr La­zo­gas said buy­ers were eye­ing the site, in the Mt Waver­ley Sec­ondary Col­lege zone, for ei­ther a devel­op­ment or sin­gle dwelling.

“For good prop­er­ties, that are well-lo­cated, the mar­ket is very strong,” Mr La­zo­gas said.

“On some prop­er­ties that are less sought-af­ter, the mar­ket has soft­ened a lit­tle bit (since last year.

“But for good, well-lo­cated prop­er­ties the mar­ket ap­pears to be just as strong.”

Strong prices were also achieved in Glen Waver­ley, where 41 Ar­ling­ton Drive was the top-seller at $1.406 mil­lion.

Har­courts Judd White agent Julie Karl said six bid­ders vied for the home, with the win­ning fam­ily seek­ing the ad­dress to get into the prized Glen Waver­ley Sec­ondary Col­lege zone.

But Ms Karl said the ven­dor’s ef­forts helped achieve the sale.

“The ven­dor took ev­ery step to present it well. It made a lot of dif­fer­ence,” Ms Karl said.

A $1 mil­lion price tag had ven­dors ec­static at 38 Crox­teth Way, Wan­tirna.

The 16-year-old un­ren­o­vated four-bed­room house sold for $110,000 above the re­serve last Sun­day.

Har­courts, Wan­tirna, direc­tor Archie Mantsos said eight bid­ders en­tered the auc­tion fray in front of a mas­sive crowd.

Mr Mantsos said 175 groups in­spected the prop­erty dur­ing the cam­paign, at­tracted by the neigh­bour­hood’s five schools.

Its prox­im­ity to EastLink and Wan­tirna Mall were also sig­nif­i­cant draw­cards.

And the Penin­sula Link is be­ing her­alded as a spark to the prop­erty mar­ket around Rose­bud.

Hock­ing Stu­art, Rose­bud, direc­tor Adam Alexander said sales had lifted about 40 per cent since the free­way opened in Jan­uary, 2013.

Mr Alexander said in­vestors and hol­i­day mak­ers re­mained the largest buy­ing group.

“I’ve been in this mar­ket for 12 and a half years and I’ve never seen it as strong,” he said.

The agency auc­tioned three townhouses at 5 Cameron St, Rose­bud, sell­ing two and in ne­go­ti­a­tions on the third. Num­ber 1/5 Cameron St sold for $490,000 and num­ber 3 for $399,500.

This Wan­tirna house (above) sold $110,000 above the re­serve, while 6 Bishop Court, Mt Waver­ley (inset) sold for $1.48 mil­lion.

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