The Patch property: downsizers leave 1880s home and general store after 37 years
The general store plus a circa-1880s house form a rare listing in a Yarra Ranges suburb.
Buyers intending to get into The Patch ought to hurry because properties there are long held. At 22.1 years on average, homes here have the longest hold period in the shire.
Set on 6000sq m on two titles, 16-18 The Patch Rd, is one of just two residential listings in the suburb as of July 26.
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One other listing is for land while a house has just come under offer in the suburb of more than 1000 residents.
The Patch is among the most tightly held suburbs with just 11 sales or less than one a month, according to CoreLogic data in the year to April.
The median price was $740,000, with a strong annual gain of 14.6 per cent and 47.1 per cent growth over three years.
The three-bedroom, one-bathroom house at 16-18 The Patch Rd has been held by the same owners for almost four decades, Chandler & Co director Glenn Chandler said.
It has a $790,000-$850,000 price guide and the busy general store is currently leased and represents a steady income stream.
“The house was actually the original general store and was later turned into a home,” Mr Chandler said.
“The present general store was built in the 1930s and was also a petrol pump and now serves coffee and also pulled pork.”
The store has an office and cool room while the house features two living areas, a fireplace, kitchen and dining area, two verandas plus mature gardens and lawns.
“People who buy here love it and don’t move out,” Mr Chandler said.
“It is usually long-time residents who cannot maintain their large blocks who have to downsize and leave the hills and it is always sad to see that.”
Mr Chandler said the prices in the suburb were “constant” however the market performed elsewhere, with The Patch popular among families looking for a lifestyle change.
“They love the views, lifestyle and community feel and there is a great primary school,” he added.
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