Investors pounce in Carlton North before potential policy changes
A double-storey Victorian in Carlton North smashed its reserve price on the verge of anticipated changes to negative gearing policy.
An investor snapped up 93 Newry St, titled Landilo House, $126,000 above reserve for $1.526 million.
That’s almost $1 million more than its last sale price of $596,000 in 2002, according to CoreLogic.
Nelson Alexander Carlton North agent Andrew De Angelis said the “really handsome” property was in one of the nicest locations in Carlton North.
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He said the investors interested in the property were looking for a blue-chip investment that would attract a good rental return.
“Of the three bidders, two were investors and the other was a young professional,” Mr De Angelis said.
“Both investors were talking about the prospective changes the (potential Federal) Labor Government were going to put in, including changes to negative gearing earmarked for implementation. They were out in force looking to secure something within the coming months.
“Given its location and the fact it has up to four bedrooms, they were targeting the student market.”
At the front are two bedrooms — one can be used as a sitting area — and an updated bathroom.
The open-plan living and dining area with an adjoining kitchen is at the rear.
Upstairs are two more bedrooms with one opening to a study and walk-in wardrobe.
Mr Angelis said the vendors owned the property for about 20 years.
“They originally lived here before moving to Tasmania and have rented it out for about 15 years,” Mr De Angelis said.
“They were pleased with the result which was above expectations.”
The last listed rental price was $900 per week, according to CoreLogic.
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Reservoir result a cut above, topping reserve by $35,000
Grandeur in the front, party out the back at Carlton North terrace