MULGRAVE’S market is making moves, with an unrenovated property smashing its reserve price by $170,000 to gift its long-term owners a surprisingly large windfall.
The two-storey family home at 18 Andleigh Drive sold for $1.37 million, setting a street record and eclipsing the $80,000 the owners paid in 1993, CoreLogic data shows.
Ray White Glen Waverley agent Marc Lum said he was surprised by the huge result.
“We had four active bidders on the day, and two went at each other all the way to the final price over 30 minutes,” he said.
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The property sold for $1.37 million under the hammer.
It sold for $170,000 past its reserve.
There were about 55 bids raised in front of a large crowd at the October 13 auction before a couple moving to Melbourne from overseas won the keys.
It is the highest sales result recorded on Andleigh Drive, according to CoreLogic.
Mr Lum said it was a great outcome for the street, and neighbours couldn’t believe the vendor’s success.
“It’s a great result for an original, unrenovated home,” he said.
“Especially when another agency recently sold a fully renovated, double-storey home with a pool for just over $1.19 million a few doors down”
The house set a new sale record for Andleigh Drive.
It had a pre-auction price guide of $1.05-$1.15 million.
Mr Lum said the buyers knew they had “overpaid” for the property — which had a price guide of $1.05-$1.15 million — but were emotionally invested in coming out on top.
“Both the buyer and underbidder were very emotional, and despite knowing the market was changing they still decided to compete,” he said.
“It goes to show there’s still a lot of demand out there for a well-priced property.”
Inside the home at No. 18.
There were four bidders competing at auction.
He said the Mulgrave home will be a long-term investment for the buyer, who was not concerned about a softening market.
Mulgrave is a hot pocket in the City of Monash, as family-sized homes remain relatively affordable, with a median house price of $891,800, according to CoreLogic.
It is now the only suburb in the municipality with a median house price less than $1 million.
SUBURB PROFILE: Mulgrave
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