Real Estate

kew upsizers cash in on unique market conditions in five bidder contest

Written by The ReReport

34 Edgevale Rd, Kew, sold for $2.26 million.

YOUNG families were out to take advantage of a perfect upsizer market yesterday, despite signs of weaker conditions across the Melbourne market.
James Kelly beat four other bidders to buy his family’s next step up the property ladder at 34 Edgevale Rd, Kew.

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The four-bedroom charmer sold for $2.26 million — $30,000 above being called on the market. Mr Kelly said it came as a bit of a surprise, just a week after he sold his current family home.

34 Edgevale Rd, KewThe home’s interior receives plenty of natural light.

“I wasn’t expecting to get it, so this is good,” Mr Kelly said.
“I was a little bit surprised by the competition, but I’d seen a lot of people coming through and it’s a nice house.”
He will move to the home with his partner and their infant daughter.

34 Edgevale Rd, KewThe corner block came with an attractive street frontage along Edgevale Rd.

Marshall White’s Antony Woodley said many of the prospective buyers had been young local couples looking to upgrade.
“It was great to have a competitive auction, a lot of recent weeks have had one buyer with a pass in and negotiations.”
Upsizers were in a unique position in Kew at the moment, he added.

34 Edgevale Rd, KewThe expansive kitchen will give the new owners plenty of reason to entertain.

A correction had lowered house prices about 10 per cent compared to the same time in 2017.
But as the drop was fairly uniform those selling more affordable properties to upsize stood to lose less in dollar terms than those selling larger, more expensive homes. And they would pay less stamp duty.
“This is the perfect market for people to upgrade in,” he said.

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