A LALOR house that had been home to the same family for 68 years has been bagged by a young couple as their first investment property.
The buyers won the keys to the two-bedroom house at 1 Mackey St for $550,000 under the hammer on November 3.
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1 Mackey St, Lalorwas snapped up by young investors, pictured here with the owner’s daughter.
Hocking Stuart’s Gav Malhotra said the sale was an emotional one for the buyers, who shed tears of joy, and also the owner and her family who had lived there for 68 years.
The bidders competed strongly for the property that came with a $490,000-$530,000 asking price.
“It sold for a surprising $550,000, well above the owner’s expectations,” Mr Malhotra said.
The house is ripe for renovation.
Determined to secure the property, the buyers defeated a young inner-city couple.
“The underbidders were hoping to renovate and flip the home,” Mr Malhotra said.
The buyers planned to update the house and lease it out.
“In its current condition, it could generate a rental income of $320 a week,” Mr Malhotra said.
The bathroom is in original condition.
In original condition, the weatherboard house with charming window shutters comes with a big backyard.
“It is in a great location within walking distance of the train station, bus stops, schools, parks and shops,” Mr Malhotra said.
“It was a great opportunity for the investor or keen renovator.”
The house on a substantial 827sq m block did not attract developers as it was in a neighbourhood zone with multi-development restrictions.
SUBURB PROFILE: LALOR