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