Six bidders raise a hand for Belmont stunner
The increasing confidence that the next move for interest rates is most likely down is leading more people back to the market for rental homes.
Buyers were busy making moves in Belmont and Highton, paying $800,000-plus figures for renovated houses purchased as investments.
There were six bidders raising a hand at 54 Laura Ave, Belmont, where Buxton Highton agent Matthew Hunt sold the three-bedroom house for $815,000.
54 Laura Ave, Belmont, sold for $815,000.
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Mr Hunt said the house drew good numbers through the campaign, possibly boosted by the low stocks of homes of this calibre.
He said both homebuyers and investors were in the mix for the house, which had been substantially updated before it last sold in 2016.
54 Laura Ave, Belmont, sold for $815,000.
“I think the facade – I guess being a cream blinker – was certainly appealing, but it was just need as a pin. You could buy it and move in straight away,” Mr Hunt said.
“Or, if it was an investor, they could rent it out and get a good rental return straight away. “And then there’s scope for doing a redevelopment in the future, putting a townhouse on the back, or an extension.
54 Laura Ave, Belmont, sold for $815,000.
“I think for what people can afford in today’s marketplace, it certainly fell within the realms of that price point.
“We expected there to be some good appeal and to have six bidders compete on the day, it just demonstrated how well it was received in the market place.
Mr Hunt said the house had a good rental history.
Tony Moorfoot calls the auction at 5 Amoore Ave, Highton, as Sophie Boland tallies the bids. The house sold after auction.
“They wanted something that had a good rental return hat didn’t require any work to be done to it, and something that they could just set and forget and just ride the growth in Belmont.”
Fellow Buxton agent Tony Moorfoot said several potential buyers, including ones who had done multiple inspections and organised building reports, stood by as an updated four-bedroom Highton was passed in to buyers advocate Tony Slack, acting for an investor.
5 Amoore Ave, Highton sold after auction to an investor.
Mr Slack took the right of first refusal as the highest bidder to negotiate a $805,000 deal.
Mr Moorfoot said the house had been freshly painted, with new carpet.
“It was really neat and tidy, four bedrooms and an ensuite and a great location as well.
“I think it was a really good buy. For an investment it ticked a lot of boxes.”
Buxton Highton agent Tony Moorfoot, left, and Geelong buyers advocate Tony Slack, pose after negotiating to secure the renovated three-bedroom Highton home for investors.
Mr Moorfoot said more investors were getting back into the property market, particularly as the Reserve Bank board continued to keep a hold on official interest rates.
“Interest rates being on hold is a good sign and they’re buying in a market now where people can obviously come back in,” Mr Moorfoot said.