Prices for modest Epping units rocket above reserves
Spirited bidding from multiple buyers pushed up the selling prices of two modest Epping units above their reserves at the weekend.
First-home buyers and investors battled for the homes on a dual-occupancy block at 1&2/62 Memorial Ave, which sold under the hammer on May 4.
The three-bedroom unit at 1/62 Memorial Ave was snapped up by a first-home buyer from Reservoir for $393,000 — $18,000 above the reserve.
An investor from Mickleham splashed $371,500, $26,500 beyond the reserve, for the two-bedroom unit at 2/62 Memorial Ave.
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Stockdale & Leggo’s Mary Argiris said the properties attracted strong interest with more than 50 groups visiting the units and a total of seven bidders competing at the auctions.
“It was a good result in a challenging market,” Ms Argiris said.
The vendor who owned both units and had leased them out over the years was thrilled with the result.
The units attracted buyers because of their affordability and central location, with Epping Primary School at the end of the street and an oval with football, tennis and netball facilities in the next block.
The scouts centre, soccer park, memorial hall, shops, churches, Pacific Epping shopping centre, Northern Hospital and Epping train station are all nearby.
The front unit at 1/62 Memorial Ave features polished floorboards, an updated kitchen and bathroom, and a lock-up carport.
The unit at the back at 2/62 Memorial Ave includes a bright kitchen and meals area, ducted heating and a lock-up carport.
Ms Argiris said the market was holding steady in Epping.
“Epping continues to attract buyers because of its affordable homes, infrastructure and proximity to city,” she said.
“It is still sought after by first-home buyers, while the investors are slowly returning.”
CoreLogic records show the median house price in Epping grew 5.4 per cent to $600,000 in the 12 months to January. The price soared 50 per cent in the past three years.
SUBURB PROFILE: EPPING
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