A first-time homebuyer looks to lease, then relocate to Belmont
THE income from leasing an unrenovated house in west Belmont neighbourhood will help a Melbourne first-home buyer start paying for his new purchase
The buyer secured the three-bedroom house at 30 Digby Ave, Belmont, for $508,000. It was auctioned on Saturday.
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He stood away from his parents, who were bidding on his behalf against Chinese buyers for the 664sq m property that’s walking distance from three local schools.
Buxton, Highton agent Tony Moorfoot opened the bidding for the weatherboard house with a $450,000 vendor bid and announced it was on the market as the bidders pushed the price past $480,000.
But that information caused the bidding to slow to $5000, then $1000 increments before the underbidders tried a $100 offer to check whether the competition had hit their budget.
The sale price was $28,000 over the reserve.
The home was being offered to the market for the first time.
Digby Ave provides direct access to Belmont High School and is walking distance from Roslyn and Clairvaux schools.
Mr Moorfoot said the property represented a fantastic opportunity with Belmont High down the street, plus Highton Village around the corner.
“The neighbours can attest to it that it’s a great street,” he said.
“The home has huge potential. You can get your hands dirty (and renovate) or you can literally do nothing as an investment.
“You can subdivide, renovate or extend, subject to council approval of course, but the potential will be rewarded at the end of the day.”