Surprise Dromana windfall result like market ‘12 months ago’
A Dromana home has fetched a price described as “going back to 12 months ago” in a surprise windfall result.
The 8 Panoramic Ave property found new owners for $895,000, which was $145,000 above the reserve price, on June 1.
“Nobody expected that result but there was competition from three bidders,” Elke Remscheid of YPA Mornington Peninsula said.
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A crowd of 80 people looked on after almost 70 groups had attended the inspections of the well-maintained house with water views.
“It felt like the market has come back to what it was 12 months ago,” Ms Remscheid said.
She added that after the property was called on the market at $750,000, two bidders kept the auction going with numerous bids.
The location of the house which is a “walk to everything” helped generate strong buyer interest, she noted.
The property had a $725,000-$775,000 price guide and had been owned since 2002.
Ms Remscheid had sold the home to the vendors back then for $310,000. This gave the vendors a price gain of $585,000 in under 17 years.
t sold to holiday-home buyers and features four bedrooms, multiple living zones and garaging for five cars.
The living, dining and kitchen zones flow out to a large entertainment deck, while the backyard has an established vegie patch and fruit trees.
Dromana is among the better-performing peninsula suburbs and had a median house price of $788,000 in the year to February.
CoreLogic data shows the suburb’s median house price jumped 11 per cent over 12 months and a strong 42 per cent over a three-year period.
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