Why “old” Highton properties are still a favourite for local investors
OLD Highton locations continue to drive investment dollars as local buyers wrapped up a purchase after auction at the weekend.
A four-bedroom house at 7 Bundoora Court, Highton, sold after auction for $500,000 after three bidders couldn’t reach the reserve price set for the former DHS property.
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Hayeswinckle, Highton agent Rachael Taylor said the local investors was planning to renovate the property.
“They loved the area, the location. Old Highton is always very desirable,” Ms Taylor said.
“The location was exactly when they were looking for — it was close to the schools, the local shops and easy access to the ring road and Epworth Hospital.”
Old Highton has become a favourite stomping ground for investors.
“Those prime locations, especially areas like Highton very sought after,” Ms Taylor said.
“Especially those older properties. They’ve got those large blocks and even though the homes are older, the buy-in is great and all they need is a cosmetic renovation to bring them back to life.”
The house occupies a 623sq m block and has wheelchair friendly features, including the main bathroom.
The house has a commercial grade fire suppression system throughout, opening the prospect of seeking a shared accommodation usage.
Highton house prices have climbed nearly 40 per cent in the past five years to a $671,000 median price, according to CoreLogic.
The median asking rent in the suburb that’s closest to Deakin University is $420 a week.