Real Estate

savvy investors made a tidy profit when their wollert property sold to first home buyers

Written by The ReReport

SMART investors made a tidy profit when their Wollert property sold at the weekend.
The owners of the four-bedroom house at 6 Allessi Ave were over the moon when it was snapped up under the hammer for $632,500 on November 3.
CoreLogic records show they paid $477,500 for the property in 2016. The selling price lifted $155,000 in two years — $77,500 a year.
The property also generated rental income of $390 a week for the owners.

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Hocking Stuart’s Gav Malhotra said the property came with a $590,000-$615,000 asking price and changed hands for an unexpected sum well above the owners’ expectations.
“We didn’t expect it to sell so well because there wasn’t much interest in the home,” he said.
“No-one turned up in the last two weeks prior to the auction.”

The meticulously presented home.

But three buyers turned up to bid for the home, including two first-home buyers. The third potential buyer was an investor who saw the property for the first time on auction day.
“The investor dropped out early in the race leaving the others to fight it out to the end,” Mr Malhotra said.
The buyers were attracted to the home for its affordable price, stylish presentation and location in a quiet street near public transport.
“They also liked the drive-through garage that had room to store their jetskis,” Mr Malhotra said.

An ideal entertainer.

The house has a modern open floorplan with a sleek kitchen featuring 900mm stainless-steel appliances and stone benchtops.
Ideal for a growing family, it has four big bedrooms, multiple living areas, including a sheltered outdoor entertainment zone, plus all the creature comforts.

Ample space to relax.

Mr Malhotra said there was a flurry of first-home buyer and investor activity in the Whittlesea region.
“These buyers have been waiting to snap up a bargain before Christmas,” he said.
“On the other hand, second-home buyers or downsizers are sitting tight, taking their time and monitoring the market.”


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