Rye: sellers of Fasham Johnson house set to double their money in seven years
27 Waratah St, Rye, has a $1.05m-$1.15m price guide.
The owners of this ’80s Rye pad are poised to sell it for double what they paid for it less than seven years ago, buoyed by the Mornington Peninsula’s “massive” price boom.
The vendors snapped up the home created by renowned home builders Fasham Johnson for $575,000 in 2015, CoreLogic records show.
They’ve now set a $1.05m-$1.15m price guide for the 27 Waratah St property’s scheduled March 26 auction.
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The house was designed by Fasham Johnson.
The house is being eyed by seachangers, holiday home buyers and budding Airbnb hosts.
Barry Plant Rosebud auctioneer Paul Cunnington said the owners had repainted and installed new carpet during their time at the three-bedroom house.
He put the home’s large gain down to the fact the Peninsula had experienced “massive price growth” over the past 18 months.
A typical Rye house has boomed 38.5 per cent in value annually to be worth $1.115m, according to realestate.com.au figures.
The sale of another three-bedroom house on a similar sized block down the road, at 12 Waratah St for $1.03m, at auction last Saturday boded well ahead for No. 27, Mr Cunnington added.
A light-filled restaurant.
The house is on a substantial block of more than 1000sq m.
33 groups had in fact toured the single-level home at its first open for inspection last weekend.
Among them were seachangers, holiday home hunters and those looking for a property to rent out as short-term accommodation.
“A lot of them liked the style,” Mr Cunnington said.
“It’s a Fasham Johnson, which is a pretty sought-after designer down here.
“It has a coastal feel and it’s in a good spot.”
The beach was an easy five-minute stroll from the light-filled house, which was set at the back of its 1040sq m block to “maximise the north-facing aspect” and create a substantial front yard, the agent added.
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