Two townhouse sites have given sellers large gains to kickstart the Wantirna South market in the new year.
A 1031sq m property with approval for seven townhouses at 1 Newman Rd saw the owner-investor reap an almost $700,000 gain in two years.
In 2016, the corner block was bought for $1.33 million and has now sold for just over $2 million.
The site was sought-after because the seven townhouses to be built there could each fetch $850,000-$890,000, Buxton Camberwell agent Andy Shi said.
“The interest was mainly from developers and investors and the townhouses will be large and suited for family buyers,” Mr Shi said.
The buyer was a local developer who has undertaken several similar projects in the Knox area.
The property sold for just below the price guide of $2.1-$2.2 million. Knox suburbs had seen prices decline from the middle of last year.
Mr Shi also sold an adjoining property, 147 Stud Rd, which had development permits for 10 smaller townhouses, to another local developer.
It was bought in 2016 for $1.312 million and resold for a sum within the $1.8-$1.9 million price guide.
The 1053sq m site has plans for townhouses with a prospective price guide from $650,000.
“The owners of both properties have done well with their investments,” Mr Shi said.
The seller of 1 Newman Rd enjoyed a price gain of 50 per cent or at least $670,000.
The 147 Stud Rd property, a dated three-bedroom rental property, had a price gain of $500,000 or 38 per cent, between sales.
The properties are well-positioned with easy access to Knox City shopping centre, Studfield shops, hospitals, schools and bus services.