Sellers pocket tidy return at popular Wantirna Rise estate

A BUYER at a Wantirna housing estate that sold out in a day in 2015 has pocketed $150,000 after selling up before a single house has been completed.

All 113 sites in the estate sold within a day in 2015. Picture: Lawrence Pinder

FIFTEEN buyers who snapped up land in a popular Wantirna estate have already sold their blocks and made a profit, with one owner pocketing $150,000.

Knox’s newest housing estate, Wantirna Rise, at 56 Mountain Highway, is starting to take shape.

Land released in the new housing estate Wantirna Rise in Knox sold out in a day

All 113 house sites in the estate sold within a day in 2015 with buyers paying a total of $55 million for the vacant land.

Estate sales manager Ian Harris, from KR Peters Real Estate, said construction was well under way and the first family would move in within a month.

Work is progressing on the Wantirna Rise development, including new roads. Picture: Lawrence Pinder

Mr Harris said 15 buyers had already chosen to sell up because their circumstances had changed.

Some had moved interstate or bought in another suburb, he said.

He said one 525sq m block originally bought for about $600,000 was recently sold for $750,000, the highest resale price they’d had.

“In two years (since the original sale of the estate) the market has shifted massively so the land has probably gone up $150,000 (in value) across the board in each block,” Mr Harris said.

The agents say the first families will move in in about a month’s time. Picture: Lawrence Pinder

All 15 people who sold their blocks had made a profit, Mr Harris said.

In 2015 blocks sales ranged from $400,000 to $625,000.

Mr Harris said 70 per cent of the people moving into the estate lived within a 2km radius, with many choosing to downsize.

He said there was only one overseas buyer.

“In a lot of cases their kids may have left home, they’re living in a double-story house, they’ve been in Wantirna for 30 years and want to stay close to what they know,” Mr Harris said.

The estate is taking shape. Picture: Lawrence Pinder

“A few clients are getting closer to retirement-living age, but didn’t want to go want to move into a retirement village; and there are first-home buyers and professionals, a really nice mix of ages.”

He said the hype around the sale of the estate was huge.

“There is a lack of land in Wantirna, and it’s close to EastLink so people can easily commute to work in the city,” Mr Harris said.

The sales manager says 70 per cent of the buyers are locals. Picture: Lawrence Pinder

The houses will include Federation-style and modern homes. Picture: Lawrence Pinder

He said buyers could engage their own builders and design exactly what they wanted.

“There will be Federation-style houses, modern houses, and one client is even putting in a lift;

there is going to be a nice mix of houses in the estate.”

He said there would be a nice community feel in the estate, with people already keen to establish Christmas barbecues and Facebook groups to keep in touch.

“It’s a very exciting time, everyone is looking forward to moving in and excited to meet their neighbours.”