Glen Waverley vendors score strong result after auction fail

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22 Springvale Rd, Glen Waverleyhas spacious living areas.

A Glen Waverley house passed in with three unsuccessful bidders has gone on to fetch almost $60,000 more than the best auction offer.

The 22 Springvale Rd house turned from auction failure to private listing success in three weeks to fetch $997,000.

This was well above the highest auction bid of $940,000 in late April, Harcourts Mitcham director Frank Pang said.

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The mountain vistas from 22 Springvale Rd.

The home offers potential for a makeover.

The vendors were disappointed when the property passed in, but the softer market conditions had buyers hampered by tighter loan restrictions, he said.

“We relisted it for private sale and two new buyers emerged for the house, which is on an elevated spot with views towards the Dandenongs,” Mr Pang said.

The two potential buyers made strong offers above $980,000 and the competition saw the home sell just short of a seven-figure sum.

“The buyers each had a budget around $1 million-$1.1 million and saw value for money in the property,” he noted.

“Similar houses in the Glen Waverley Secondary College zone would fetch $400,000 more.”

11 Sanday St is in the Glen Waverley Secondary College zone and sold for $2.9 million in March.

The four-bedroom house offers potential to upgrade and is zoned to Highvale Primary School and Secondary College. It sold to a young family relocating from Clayton.

Mr Pang described the purchase as a “good buy because it is in Glen Waverley and will appreciate in value”.

The vendors paid $760,000 for the home in 2013 and lived there for a short period before leasing it. The sale gave the vendors a 31 per cent price gain over the period.

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