Mont Albert unit sells $160k beyond reserve for $1 million

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2/45 Zetland Rd, Mont Albert had five bidders and a very competitive auction.

A two-bedroom unit has sold for $160,000 over reserve to fetch a seven-figure sum at a Grand Final day auction in Mont Albert.

The 2/45 Zetland Rd property sold for $1 million after garnering strong interest from downsizers, small families and first-home buyers.

It went to a Hong Kong-based buyer looking for a well positioned and low-maintenance home for his wife, child and mother-in-law to live in.

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The 2/45 Zetland Rd unit had plenty of buyer interest.

The two-bedroom unit is well presented.

Five bidders took the property well past the $840,000 reserve to $1 million, which was a long way from the price guide of $740,000-$815,000 during the campaign.

Buyer feedback was in the low to mid-$800,000 range and the home sold well above the vendor’s expectations, Ray White Forest Hill agent Steven Yuen said.

“While the auction started low at $700,000, the bidding was relentless and it was all over in about 12 minutes,” Mr Yuen said.

The unit has a well kept garden.

“The buyer’s family currently live in Hawthorn and have been looking in Box Hill and Mont Albert and they inspected the home four times and had a building inspection.”

The 379sq m unit was well presented and styled for sale and had been in the same family for three generations since it was built in the 1950s.

“There are hardly any two-bedroom units available in Mont Albert and this is why we had more than 90 groups through at the inspections,” Mr Yuen said.

“And the strategy to sell on Grand Final day was right as there was no competition and a large crowd turned up because it was held in the morning.”

80 Heatherdale Rd, Mitcham is ripe for development of two townhouses.

The agency also auctioned another property the same day at 80 Heatherdale Rd, Mitcham.

The 711sq m property with a dated five-bedroom house had been turned into a development site by the vendors, who acquired permits for two houses but did not use them.

The property sold to a pair of friends who will build and live in the townhouses, listing agent Aaron McDonald said.

It fetched $855,000 after competition between three bidders, with the reserve set around the sale price. The site has easy access to EastLink, Eastland shopping centre and Heatherdale train station.

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