Wantirna homes: coveted school zone delivers strong prices
Two vendors have the local primary school to thank for the strong prices they received.
The properties overcame potential deal-breakers to notch prices tens of thousands of dollars above expectations.
Being in the zone for entry to coveted public school, Templeton Primary, helped draw buyers and offers, Harcourts Wantirna agent Emilie Jordanou said.
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Despite a noisy location beside busy Burwood Highway, 1 Hartington Drive attracted six bidders to fetch almost $100,000 beyond reserve.
The four-bedroom house on 795sq m sold for $951,000 from a starting bid of just $700,000, Ms Jordanou said.
The home had more than 100 groups through before the July 13 auction with the price guide at $780,000-$850,000.
Ms Jordanou declined to disclose the vendor’s reserve but said no vendor bids were needed as the bidding was competitive.
A Chinese family from Rowville is upgrading to the area, drawn by the access to the school despite being near a busy highway.
Templeton Primary is sought-after for its academic, music and language programs and it has been estimated that vendors within the zone receive a premium of more than $50,000.
And nearby 5 Rotherwood Close sold strongly despite being an “unpolished gem” in need or a makeover or demolition.
It sold privately for $766,000, which was $56,000 above the vendor’s reserve if it had gone to auction as scheduled.
“The house needs plenty of work, which many buyers don’t like but there is very limited supply,” listing agent Chris Hodge said.
“Buyers are reducing their expectations and want to buy now in case prices rise quickly and homes become out of reach again.”
The three-bedroom home in original condition had five potential bidders lined up. The buyer placed an offer $30,000 above the next highest offer and the property had a $670,000-$737,000 price guide.
The brick veneer home sold to a young Chinese couple from Nunawading who were seeking their first home.
Ms Jordanou said recent results in the suburb showed there was more “energy in the market” with rising numbers at inspections and multiple buyers per property.
Wantirna has long been popular with new arrivals and first-home buyers attracted by the wide range of properties and access to public and private schools, shopping and amenities.
The median house price in Wantirna was $854,500 in the year to April, CoreLogic data shows.
The market slowdown since 2018 has seen the median price decline 10.5 per cent over a year. This was a sharp fall from the 42.9 per cent growth over a five-year period.
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