Wantirna South main road property: permit helps boost price $50,000 beyond reserve

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416 Boronia Rd, Wantirna South offered three bedrooms and a busy main road position.

A permit to build a second house and an update to the existing home have spurred a Wantirna South block $50,000 beyond reserve.

The renovation made 416 Boronia Rd stand out from similar but dated three-bedroom homes and larger properties in the suburb, Jellis Craig Mt Waverley auctioneer Costa Calaitzis said.

“It was the missing link between older homes and newer four-bedroom houses and the potential for a second house made it attractive to buyers,” he said.

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The backyard has room to fit a double-storey dwelling.

It has a handy man cave or rumpus.

The house is also on a busy main road, but this did not dampen buyer interest, with more than 80 groups at inspections.

Despite having four bidders at the auction, the 792sq m property initially passed in at $802,000.

But it sold immediately after negotiation for $830,000, which was well above the vendor’s $780,000 reserve price, Mr Calaitzis said.

He said the high price indicated the market was emerging from the downturn with the $830,000 result well above the sub-$700,000 fetched by two properties with development potential along the same road.

It has a bright living room.

“The market is coming back and improving with more buyer confidence,” he said.

“There were probably another eight or nine buyers with budgets up to $800,000 who couldn’t bid, including several first-home buyers.”

The vendors paid $482,500 in 2013 for the property, sales records show.

The 416 Boronia Rd home on a single level offers low-maintenance living with modern comforts plus a rumpus room or man cave to the rear.

It has a permit for an additional double-storey dwelling in the backyard.

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