Real Estate

homebuyer edges out developers for prime box hill block

Written by The ReReport

BOX Hill homes with high-density development potential are sought-after by developers and investors.
An original two-bedroom house at 16 Kintore Cres, ripe for a high-density project, has however sold to an owner-occupier as a new home site.
The 720sq m block is set to remain a one-dwelling site after it sold for a large sum at auction on October 27.

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Skinny Box Hill shophouse snapped up for $8.8m

The dated and simple kitchen at 16 Kintore Cres.

16 Kintore Crescent Box HillThe large backyard at 16 Kintore Cres. 

It has zoning for multiple townhouses or a four-storey apartment block but the buyer will build a family home instead, Buxton Box Hill auctioneer Calvin Chan said.
“The buyer just loves the location close to Box Hill Central shops and intends to build a house for the family,” Mr Chan said.
The original residence, believed to be more than 50 years old, was up for sale for the first time. It sailed past its $2 million reserve to change owners for $2.285 million.
All four bidders were of Chinese descent, with three investors outbid by a businessman who spends time between Melbourne and China.

The bidding started at $1.8 million with keen competition among the four.
It has Residential Growth Zone 1 status and is on a tree-lined street within walking distance to shopping, transport and offices.
The single-bathroom house is also in the coveted Box Hill High School zone and has quick access to the Eastern Freeway.

5 Cameron Road Box Hill North5 Cameron Rd has a convenient location close to amenities.

The agency also had success with the auction of a 1960s house at 5 Cameron Rd, Box Hill North the same day.
The three-bedroom home on 600sq m is ideal as a renovator or new home site and fetched $1.043 million after competition between three bidders.
It sold just above the reserve with the new owners intending to keep it as a long-term, investment, Mr Chan said.
It is also in the zone for Box Hill High School.
The Manningham-Whitehorse council regions had a 53 per cent clearance rate from 105 auctions for the week ending October 28.
Nine properties sold prior to auction with 47 sold on the day, CoreLogic data shows.
Another 48 properties passed in.

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