Flippers have outlasted nine other bidders to snap up a tired Frankston house with a bargain asking price.
The four-bedroom pad on a 535sq m block flew $81,000 past the top of its quoted $360,000-$395,000 range, to sell for $476,000.
O’Brien Cranbourne agent Brent Day said the vendors’ reserve had been within that range.
This made 37 Havana Cres an affordable proposition for Frankston, where the median house price rose 5 per cent in the past quarter to $570,000, according to realestate.com.au.
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Mr Day said the majority of the 10 bidders were “builders and renovators” keen to inject new life into the brick abode.
He estimated the renovator buyers would need to spend an extra $40,000-$60,000 to bring the house up to scratch before they could onsell it.
“They liked the block size, the location and that it had a four bedroom-two bathroom configuration,” he said.
The property is walking distance from the Karingal Hub Shopping Centre, which is about to undergo a $160 million redevelopment.
The vendors — two brothers — had lived there since the ‘90s. They’d decided not to renovate themselves, but to instead buy a turnkey ex-display house in Clyde North, Mr Day said.
CoreLogic records show the property had previously changed hands in 1997 for just S96,000.
Mr Day, who works out of Cranbourne, said Melbourne’s outer-southeast property markets had ended 2019 and started 2020 strongly, with huge buyer demand ensuring “everything’s selling”.
“There are no excuses (not to buy) at the moment,” he said.
“There are no elections coming up and no rate rises. Money’s cheap.”
Mr Day sold the property alongside Matt Dewan, Marsh Schwallie and Jason Absolom, also of O’Brien.
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