Real Estate

Bargain potential as East West Link homes linger on market

4 Bendigo St, Collingwood
Written by The ReReport
As seen in the Source link, written by on 2019-03-14 11:52:22

4 Bendigo St, Collingwood has waited almost a year for a buyer.

Four houses acquired for the ill-fated East West Link have stalled on the market for almost a year.

Now buyers are being encouraged to test the government’s resolve on prices for the Bendigo St, Collingwood properties.

Listed for sale with Collins Simms agents Hamish Lindsay and Peter Bennett, they account for about a third of the houses advertised for sale on in the suburb.

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Mr Bennett said he was surprised they had “lingered” so long, but the government’s protocols could be turned to buyers’ advantage — particularly with asking prices based on valuer-general valuations dating back close to 12 months likely to ward off competition.

4 Bendigo St, Collingwood

4 Bendigo St, Collingwood is being billed as an ideal renovation candidate.

“They aren’t likely to shift on their asking price, but they are responsive to offers,” he said.

“There could be an excellent opportunity for someone to make an offer and test those prices.

“They will definitely be sold. It surprises me that they have lingered.”

One home at 4 Bendigo St, Collingwood is listed for sale with an $835,000-$918,500 price range and hit the market 318 days ago, according to CoreLogic records.

The home last sold for $720,437 in 2014.

Meanwhile, Collingwood’s median house price fell $177,000 (16 per cent) across last year to $937,000.

2A Bendigo St, Collingwood

2A Bendigo St, Collingwood is also closing in on a year waiting to sell.

2A Bendigo St is listed with an $885,000-$973,500 range that’s opened the door for a haircut after it was listed at $970,000 earlier in its 309 day sales campaign.

The government’s purchase price was not disclosed.

The homes at No. 7 and No. 8 have both been waiting 225 days for a buyer, asking $825,000 and $935,000 respectively.

7 Bendigo St, Collingwood

7 Bendigo St, Collingwood has an $825,000 asking price after 225 days on the market.

A requirement that offers be made unconditionally had also knocked some buyers out of contention, he added.

The homes are among the more than $320 million worth of property compulsorily acquired by the Liberal state government to pave the way for an East West Link freeway and tunnel development.

A Labor government elected in 2015 ripped up the contract at a cost of about $1.1 billion and has been slowly selling most of the more than 100 homes acquired.

8 Bendigo St, Collingwood

8 Bendigo St, Collingwood has waited 225 days for a buyer willing to pay $935,000.

Treasury records show the government sold nine homes on Bendigo St alone last year, most of them netting six figure windfalls above what the government paid.

In November last year 5 Bendigo St sold for $880,000 after being acquired for $760,000.

5 Bendigo St, Collingwood

The charming brick cottage at 5 Bendigo St, Collingwood also took a long time to sell.

It spent 100 days on the market and was last advertised with a $920,000 asking price, according to CoreLogic records.

Mr Bennett said the sale showed the government was willing to accept lower offers.

A near neighbour at 10 Bendigo St sold for its $880,000 advertised price after 78 days on the market ending in October last year.

10 Bendigo St, Collingwood

10 Bendigo St, Collingwood sold for $880,000.

It last changed hands for $705,000 in 2014, according to CoreLogic records.

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The government also sold millions of dollars of East West Link acquired real estate in Clifton Hill last year.