OWNERS of a luxury Greenvale home made a tidy profit when it sold for $1.47 million.
CoreLogic records show the family paid $700,000 for the four-bedroom house on a 2000sq m block at 109 Normanby Drive in 2006.
Ray White Gladstone Park director Phillip Mercieca said the owners were overwhelmed with the result on the last weekend of October.
“They have more than doubled their money in less than 12 years,” he said.
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Four bidders from the local area competed for the property that sold under the hammer on Saturday, October 27.
“It was a fantastic auction that drew a big crowd,” Mr Mercieca said.
“Bidding started at $1.35 million, slowly progressed to $1.38 million and took off from there with a fantastic result.”
A family from Gowanbrae attracted to the size and location of the property paid above the owners’ asking price of $1.35-$1.45 million for the home.
The property comes with a basketball court.
The clinker-brick house in a landscaped garden with a circular driveway features multiple living areas and a designer kitchen.
An entertainer’s paradise, it has a stunning outdoor area with pergola, barbecue and Balinese hut.
The family haven also comes with a basketball court and solar-heated pool, complemented by date palms and a covered sitting area.
Multiple living areas designed to indulge.
Mr Mercieca said the property attracted strong interest while it was on the market, with 68 people inspecting the home.
“There is huge demand for larger houses on bigger blocks near the city,” he said.
“Everyone is looking for that lifestyle property with a pool and tennis court, and this is pushing up prices.”
The property is the 10th to join the suburb’s million-dollar club this year, according to CoreLogic.
The highest price paid was $1.775 million for a renovated four-bedroom house on a 3000sq m block with a pool at 16 Buchanan Place that sold in September.
The median house price in Greenvale has jumped 25 per cent to $711,000 in the year to July.
SUBURB PROFILE: GREENVALE