TWO brothers are set to reap the rewards of a wise investment in Gladstone Park.
The pair will auction their brand new semi-detached three-bedroom house at 74A Clarke Drive on November 17 with a $700,000-$750,000 asking price.
CoreLogic figures show they paid $336,000 for an older-style three-bedroom house on a 567sq m block at 74 Clarke Drive in 2015.
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Ray White Gladstone Park director Phillip Mercieca said the brothers knocked down the house, subdivided the block and built two modern semi-detached dwellings on the property.
“They plan to live in one and are selling the home next door,” Mr Mercieca said.
The house at 74A has a spacious 31-square (288sq m) interior with high square-set ceilings, double-glazed windows, a sleek timber staircase and a designer kitchen with stone benchtops and stainless-steel appliances.
The floorplan is spread over three levels and includes a study, powder room, living and dining area plus a rumpus or theatre room.
There are three big bedrooms, including a main bedroom with walk-in robe and an opulent ensuite.
It has all the creature comforts, including zoned ducted heating, refrigerated cooling, alarm and video intercom.
The property has gated access to Moonee Ponds Creek parks and walking trails.
The kitchen gleams with stone benchtops and quality appliances.
Mr Mercieca said the property is an example of a growing trend in Gladstone Park.
“In the past five years, we have noticed more and more older homes being knocked down and replaced by modern dwellings, similar to what’s been going on in Airport West and Tullamarine,” he said.
Investors and developers were swooping on the bigger and affordable block sizes just 20km from the city.
“Older homes here can still be snapped up for less than $600,000,” Mr Mercieca said.
One of two on the block, the semi-detached dwelling backs on to Moonee Ponds Creek parks.
With major arterial roads, schools and shops nearby, these properties with subdivision and capital growth potential were a viable investment opportunity.
CoreLogic records show the median house price in Gladstone Park jumped 9.7 per cent to $649,500 in the 12 months to July. The price soared 48.8 per cent in three years.
Mr Mercieca said homeowners in the suburb were also following the trend.
“Those who have lived here for 20 to 40 years are knocking down their houses and building new homes instead of selling up and moving elsewhere,” he said.
“They just want to stay on in the area.”
SUBURB PROFILE: GLADSTONE PARK