Bought for less than $15,000, sold for $1.42 million in McCrae

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17-19 Charles St, McCrae had been held in the same family for decades.

It took just seven bids for a long-held McCrae double-block property to find a new owner.

The 17-19 Charles St property sold for more than $80,000 above reserve when it fetched $1.402 million at the April 6 auction.

Keen interest from four potential suitors saw one buyer place a strong attempted knockout bid of $1.3 million at the start.

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The water views from the upper level.

The double block is close to the village shops.

Just one other bidder entered the action after that and the property sold within minutes soon after passing the $1.32 million reserve.

“It was a quick strong sale and went to a local investor,” Granger agent Darren Sadler said.

The buyer is expected to land bank the large 1316sq m property with development potential.

The original 1920s home had been updated over time. It is understood the property previously changed hands in the 1950s for less than $15,000, giving it a huge price gain.

Enjoy bay vistas from the balcony.

The interior is light-filled and comfortable.

The block is in a sought-after position with easy access to the foreshore and has beautiful views. The three-bedroom house, with bay vistas from the balcony and main bedroom, also has a large lush garden.

The Mornington Peninsula recorded a low 37.5 per cent clearance rate from eight auctions for the week ending April 7. Three properties sold at auction with another five being passed in.

But agency director Steve Granger said it recorded a surge in private sales during the last week of March, with 14 properties in McCrae and nearby suburbs changing hands.

“We have seen a change in the market here in recent weeks and there is rising consumer confidence,” he said.

Mr Granger noted that buyers, especially those coming from closer to Melbourne, had been active recently compared to late last year when the market softened.

“McCrae properties are seen as being undervalued and it is an escape from more popular and congested peninsula suburbs,” Mr Granger said.

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