188 and 190 Maroondah Highway, Croydon, have hit the market as a potential packaged deal.
First-home buyers will have to face off with developers to secure the keys to a Croydon pad that is also being offered as a double-block opportunity.
Neighbouring sites at 188 and 190 Maroondah Highway, owned by the one vendor, have hit the market to be sold as individual properties or a packaged deal.
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The renovated two bedroom pad at No. 188 is set to be a hit with first-home buyers.
It has a $800,000-$880,000 price guide.
The double site offering is set to lure developers looking to built a handful of dwellings, but young buyers are also eyeing off the renovated pad at No. 188.
Fletchers Ringwood agent Maeghan Blezard said a developer would likely buy the pair of properties and build up to seven new units or apartments, as it was “the best value for money” for the combined 2278sq m site.
“No. 190 is a knockdown home that is currently tenanted but you wouldn’t be able to get new tenants in there (because of its condition),” Ms Blezard said.
“No. 188 could be bought by a first-home buyer as it’s renovated and a nice little home.
“Or you could definitely build your dream home on each or combine them and have a nice big block.”
A knockdown at No. 190 is seeking $700,000-$770,000.
The two-bedroom pad at No. 188 has a $800,000-$880,000 price guide and last sold in 2017 for $700,000, according to CoreLogic.
The dilapidated three-bedroom home next door has a $700,000-$770,000 price tag and last changed hands for $223,000 in 2007.
Ms Blezard said the properties were likely to sell at the lower end of their price ranges if purchased together as a packaged deal.
“A lot of the big development sites have been snatched up already in Croydon,” Ms Blezard said.
“It’s rare to have side-by-side blocks in an area where you can build six to seven units.”
The two sites will likely be snapped up by a developer to make way for up to seven new homes.
Croydon’s median house price has jumped 71.1 per cent in the past five years to $770,000, while unit prices are up 53.9 per cent to a $585,000 median, according to CoreLogic.
“The Croydon market is not bad at the moment, we are still seeing houses get some good prices,” Ms Blezard said.
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