Home left unchanged for three years sees jaw-dropping price hike

This family home’s price has spiked by hundreds of thousands of dollars between sales, without a single change having been made.

A family home up for auction in Wilston sold for nearly $600,000 more than what it was worth three years ago, despite having been unchanged since the last sale.

The house at 94 Lamont Rd, Wilston, was bought by its owner in 2021, to house their two sons while they went to university.

When they moved interstate, the vendor decided to sell the home again, before realising just how popular it would end up being.

The home at 94 Lamont Rd, Wilston, is worth nearly $600,000 more than it was in 2021.

Nine registered bidders appeared for the morning auction, gathering around the backyard of the four-bedroom, two-bathroom property.

Bidding began at $1.5 million, only $5,000 short of what the vendor bought the house for in 2021.

Soon, five active bidders were fighting in what Ray White Wilston agent Alistair Macmillan described as a “fast-paced” auction, going up by $100,000 bids at a time.

Each of the registered bidders was a young family looking to secure a house in the popular and high-demand suburb.

All nine bidders were families looking to make the Wilston house their next new home, with the eventual winners eager to install a pool out the back.

Paused at $2 million for negotiation, the home then sold under the hammer for $2.1 million.

This ended up being $595,000 more than what it sold for in 2021. The house had undergone no renovations since the previous purchase.

“It just shows you how competitive and how much the market’s moved in that amount of time,” Mr Macmillan said.

“It was a really good house in great condition, and very liveable – which was an attraction for a lot of buyers.”

The new owners are a young family that live nearby, with two children under ten years of age. Mr Macmillan said the couple were eager to put a pool in the back garden of the house once they’d moved in.

“They’re very happy to secure an 800 sqm block in Wilston,” he said. “There’s only a handful of [these] properties that go up every year.”

The home at 11 Fifth Ave, Kedron, had a renovation makeover before going up for sale on Saturday.

Mr Macmillan was also the agent for a later sale that day, at 11 Fifth Ave, Kedron.

The three-bedroom, one-bathroom cottage had been owned by one owner who had lived there her entire life, before it was renovated by her children.

“They really freshened the whole house up in preparation to take it to market,” Mr Macmillan said.

With a starting bid of $1 million and 13 registered bidders, four active bidders competed as the price spiked in a short and sharp auction.

The home sold at $1.415 million to a young couple who had been looking for homes in the market for around six months.

Mr Macmillan said the auction was “a really emotional sale” for the old vendors, but that they were “very happy with the outcome”.

Originally published as Home left unchanged for three years sees jaw-dropping price hike