Real Estate

strong sale indicates ‘the market is back’

Written by The ReReport
As seen in the Source link, written by on 2019-06-29 23:14:58

A Ferntree Gully house will pass from a couple whose kids are all grown up to one with a baby on the way, after it sold at a competitive auction.

Downsizers Lloyd and Glenda Newnham earned $733,000 for their home of 15 years at 19 Meagher Rd yesterday.

Buyers Daniel Singh and Georgia Triantos were the last of five bidders to put their hands up, and ended up taking the keys.

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Strong early bidding — which saw the four-bedroom house announced on the market at $700,000 within 30 seconds of the auction starting — knocked out as many as another five potential bidders, EYS auctioneer Fabian Sanelli said.

Mr Sanelli, who worked on the sale with Ray White Ferntree Gully, labelled the result a “great indication the market is back”.

Mr Singh and Ms Triantos said they were drawn to the home’s family-friendly neighbourhood, with Kelvin Drive Reserve across the road, Wattleview Primary School around the corner and Mountain Gate Shopping Centre just minutes away.

“We’ve got a baby on the way in October, so it was great to find a place we can move straight into, set up the nursery and be comfortable in,” Mr Singh said.

The Newnhams will downsize into a “lifestyle village” in Shepparton.

“I’d been saying we needed to think about retiring,” Ms Newnham, a grandma of two, said.

“We grew up in Kyabram, we have relatives up there. So it’s a bit like going home for us.”

Mr Newnham said they also owned an investment property in Shepparton, so they knew the area well.

The regional city’s affordable housing and the lifestyle perks on offer within the village — including two pools, a gym, billiard room and cinema — were other reasons for the move.

CoreLogic records show the property had previously sold for $280,000 in 2003.

The couple’s three sons had all lived there with them at some point.

The Newnhams had spruced up their home for the sale by building a new alfresco deck, installing new wiring and updating the roof, among other improvements.

Mr Sanelli said more than 160 people inspected the house in the lead up to the auction.

Last weekend, another three-bedroom house just blocks away at 47 Piperita Rd attracted 12 bidders to fetch $736,500 — $46,500 above reserve.

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